Egyptian Pound

Overview

The official currency of Egypt is the Egyptian Pound (EGP). The symbol used for the EGP is E£ or in Arabic ( ج.م). The Egyptian Pound is subdivided into smaller currency denomination known as qirsh or millimes. 1 EGP = 100 qirsh = 1000 millemes.

Economy

• The Egyptian economy is becoming more market-orientated.
• The main industries are metal, tourism, chemicals, textiles, pharmaceuticals, light manufacturers, food processing, hydrocarbons, construction, and cement.
• Export products are petroleum and crude oil products, textiles, cotton, agricultural goods, metal products, and chemicals.
• Import products are wood products, fuels, chemicals, equipment, machinery, and food stuffs.
• Unemployment in the country is estimated at 9.7%.
• The yearly GDP growth is rated at 2.6%.

History

• The Egyptian Pound, also known as gineih, was replaced the Egyptian Piastre. The Piastre = 1/100 of a Pound. It was subdivided into 40 para.
• In 1885, the para was taken out of circulation and the piastre was subdivided into tenths. In 1916 the tenths were renamed millimes.
• Egypt used the gold standard from 1885 to 1914. 1 EGP = 7.4375 grams of gold. After the outbreak of World War I, Egypt moved to the British Pound and was part of the Sterling era until 1962. In the same year the EGP switched over to the US Dollar and was pegged at 1 EGP = 2.3 USD.
• In 1973, the peg was changed to the British Pound again.
• In 1989, the Pound floated; however, the Central Bank of Egypt tightly managed the control of foreign exchange.
• In 2005, the 1 Pound and 50 pastrie coins were introduced.
• In 2009, Egypt started phasing out 1 Pound and half-pound notes.