The Full Wiki

More info on Egyptian pound

Egyptian pound: Map

Advertisements
  
  

Wikipedia article:

Map showing all locations mentioned on Wikipedia article:



The Egyptian pound or gineih ( , el-Gineih el-Miṣrī) (sign: £ or ج.م; code: EGP) is the currency of Egyptmarker. It is divided into 100 qirsh ( ) (pronounced irsh, piastres in English), or 1000 malleem ( ) (milliemes).

The ISO 4217 code is EGP. Locally, the abbreviation LE or L.E., which stands for livre égyptienne (French for Egyptian pound) is frequently used. and £E are also much less-frequently used. Locally in Arabic, .ج.م is used as an abbreviation for el-Gineih el-Maṣrī. The Egyptian Arabic name, gineih, may be related to the English name guinea.

History

In 1834, a Royal Decree promulgating a Parliamentary Bill was issued providing for the issuing of an Egyptian currency based on a bimetallic base. The Egyptian pound was introduced, replacing the Egyptian piastre as the chief unit of currency. The piastre continued to circulate, as of a pound, with the piastre subdivided into 40 para. In 1885, the para ceased to be issued and the piastre was divided into tenths ( oshr el-qirsh). These tenths were renamed malleem (milliemes) in 1916.

The legal exchange rates were fixed by force of law for important foreign currencies which became acceptable in the settlement of internal transactions. Eventually this led to Egypt using a de facto gold standard between 1885 and 1914, with 1 Egyptian Pound = 7.4375 grams pure gold. At the outbreak of World War I, the Egyptian pound was pegged to the British pound at par.

The first one Egyptian Pound banknote issued in 1899


This peg was maintained until 1962, when Egypt devalued slightly and switched to a peg to the U.S. dollar, at a rate of 1 Egyptian pound = 2.3 dollars. This peg was changed to 1 Egyptian pound = 2.55555 dollars in 1973 when the dollar was devalued. The Egyptian pound was itself devalued in 1978 to a peg of 1 Egyptian pound = 1.42857 dollars (1 dollar = 0.7 Egyptian pound). The Egyptian pound floated in 1989.

The National Bank of Egypt issued banknotes for the first time on 3 April 1899. The Central Bank of Egypt and the National Bank of Egypt were unified into the Central Bank of Egypt in 1961.

For a wider history surrounding currency in the region, see The History of British Currency in the Middle East.

Coins

Between 1834 and 1836, copper 1 and 5 para, silver 10 and 20 para, 1, 5, 10 and 20 piastre, gold 5, 10 and 20 piastre and 1 pound coins were introduced, with gold 50 piastre coins following in 1839. (40 para = 1 piastre.) Copper 10 para coins were introduced in 1853, although the silver coin continued to be issued. Copper 10 para coins were again introduced in 1862, followed by copper 4 para and 2½ piastre coins in 1863. Gold 25 piastre coins were introduced in 1867.

In 1885, a new coinage was introduced consisting of bronze ¼, ½, 1, 2 and 5 millieme, silver 1, 2, 5, 10 and 20 piastre coins. The gold coinage practically ceased, with only small numbers of 5 and 10 piastre coins issued.

In 1916 and 1917, a new base metal coinage was introduced consisting of bronze ½ maleem and holed, cupro-nickel 1, 2, 5 and 10 maleem coins. Silver 2, 5, 10 and 20 piastre coins continued to be issued, and a gold 1 pound coin was reintroduced. Between 1922 and 1923, the gold coinage was extended to include 20 and 50 piastre and 1 and 5 pound coins. In 1924, bronze replaced cupro-nickel in the 1 maleem coin and the holes were removed from the other cupro-nickel coins. In 1938, bronze 5 and 10 maleem coins were introduced, followed in 1944 by silver, hexagonal 2 piastre coins.

Between 1954 and 1956, a new coinage was introduced, consisting of aluminium-bronze 1, 5 and 20 maleem and silver 5, 10 and 20 piastre coins, with the size of the silver coinage significantly reduced. An aluminium-bronze 2 maleem coin was introduced in 1962. In 1967 the silver coinage was abandoned and cupro-nickel 5 and 10 piastre coins were introduced.

Aluminium replaced aluminium-bronze in the 1, 5 and 10 maleem coins in 1972, followed by brass in the 5 and 10 maleem coins in 1973. Aluminium-bronze 2 piastre and cupro-nickel 20 piastre coins were introduced in 1980, followed by aluminium-bronze 1 and 5 piastre coins in 1984. In 1992, brass 5 and 10 piastre coins were introduced, followed by holed, cupro-nickel 25 piastre coins in 1993.

On June 1, 2006, 50 piastre and 1 pound coins were introduced, with the equivalent banknotes to be scrapped later. The coins bear the faces of Cleopatra VII and Tutankhamun, and the 1 pound coin is bimetallic. Coins, even for the smallest amounts, are encountered much less frequently than notes but coins down to 5 piastres remain legal currency.

 !rowspan="2"|Value !!rowspan="2"|Deput !!colspan="2"| Image !!colspan="5"| Specifications !!colspan="2"| Description
Coins in circulation
Obverse Reverse Diameter (mm) Thickness (mm) Mass (g) Composition Obverse Reverse
5 Piastres 1984 23 1.2 4.9 copper 95% aluminium 5% 3 pyramids of Gizamarker
1992 21 1.1 3.2 copper 92%

Aluminium 8%
Islamic pottery
2004 17 1.04 2.4 Steel 94%

Nickel 2%

Copper plating 4%
10 Piastres 1984 25 1.35 5.2 Copper 75% Nickel 25% Mosque of Muhammad Alimarker
1992 23 1.2 4.9 Copper 95% Aluminium 5%
2008 19 1.1 3.2 Steel 94%

Copper 2%

Nickel plating 4%
20 Piastres 1984 27 1.4 6 Copper 75% Nickel 25%
1992 25 1.35 5.2 Copper 95%

Aluminium 5%
Al-Azhar mosquemarker
25 Piastres 1993 1.4
50 Piastres 2005 1.58 6.5 copper 75%

zinc 20%

nickel 5%
2007 23 1.7 Steel 94%

Nickel 2%

Copper plating 4%
1 Pound 2005 25 1.89 8.5 Bimetal Tutankamun's mask
Ring Centre
copper 75%

nickel 25%
copper 75%

zinc 20%

nickel 5%
2007 1.96 Steel 94%

Copper 2%

Nickel plating 4%
Steel 94%

Nickel 2%

Copper plating 4%
2008


Banknotes

In 1899, the National Bank of Egypt introduced notes in denominations of 50 qirsh, 1 5, 10, 50 and 100 gineih were introduced. Between 1916 and 1917, 25 qirsh notes were added, together with government currency notes for 5 and 10 qirsh. Issued intermittently, the 5 and 10 qirsh are today produced by the Ministry of Finance.

In 1961, the Central Bank of Egypt took over from the National Bank and issued notes in denominations of 25 and 50 Piasters, 1, 5 Pounds, 10 and 20 Pounds notes were introduced in 1976, followed by 100 gineih in 1978, 50 Pound in 1993 and 200 Egyptian Pounds in 2007.

All Egyptian banknotes are bilingual, with Arabic texts and Eastern Arabic numerals on the obverse and English and Hindu Arabic numerals on the reverse. Obverse designs tend to feature an Islamic building with reverse designs featuring an Ancient Egyptian building. During December 2006, it was mentioned in articles in Al Ahram and Al Akhbar newspapers that there were plans to introduce a 200 and 500 Pound notes. As of 2007, there are 200 Pound notes circulating in Egypt and subsequently 500 Pound notes will start circulating. As of the summer of 2009, banknotes of one pound and one half pound are being phased out, replaced by more extensive use of coins. Presumably quarter pound notes will be phased out as well.

Current Series
Image Value Dimensions (mm) Main colour Description
Obverse Reverse Obverse Reverse
25 piastres 130 × 70 Light blue Mosque of umm-al-mu'minīn Aisha Egyptian coat of arms
50 piastres 135 × 70 Light green Al-Azharmarker Mosque Ramesses II


1 Pound 140 × 70 Orange Qaitbay Mosque Abu Simbelmarker
5 Pounds 145 × 70 Bluish-green Mosque of Ibn Tulunmarker A Pharaonic engraving symbolizing the River Nile offering its bounties to the valley.
10 Pounds 150 × 70 Pink Al Rifa'i Mosque Khafra
20 Pounds 155 × 70 Green Mosque of Muhammad Alimarker A Pharaonic war chariot
50 Pounds 160 × 70 Brownish-red Abo Hereba Mosque Temple of Edfumarker
100 Pounds 165 × 70 Purple Sultan Hassan Mosquemarker Sphinx
200 Pounds 175 × 80 Olive Mosque of Qanibay The Seated Scribe


Popular denominations and nomenclature

Several unofficial popular names are used to refer to different values of Egyptian currency. These include nicklah for 2 milliemes, ta'rifa for 5 milliemes, shilin for 5 piastres, bariza for 10 piastres, and reyal for 20 piastres.

Different sums of EGP have special nicknames, for example: 100 EGP astik "rubber band"; 1,000 EGP bako "pack"; 1,000,000 EGP arnab "rabbit"; 1,000,000,000 EGP feel "elephant".

Historical exchange rates

Pound sterling

This table shows the value of one pound sterling in Egyptian pounds:

Date Official rate
1885 to 1949 EGP 1
2008 EGP 10.0775
2009 EGP 8.50


US dollar

the historical value of one U.S. dollar in Egyptian pounds from 1885 to 2009
This table shows the historical value of one U.S. dollar in Egyptian pounds:

Date Official rate
1789 to 1799 EGP 0.002
1800 to 1824 EGP 0.06
1825 to 1884 EGP 0.14
1885 to 1939 EGP 0.20
1940 to 1949 EGP 0.25
1950 to 1967 EGP 0.36
1968 to 1978 EGP 0.40
1979 to 1988 EGP 0.60
1989 EGP 0.83
1990 EGP 1.50
1991 EGP 3.00
1992 EGP 3.33
1993 to 1998 EGP 3.39
1999 EGP 3.40
2000 EGP 3.42 to EGP 3.75
2001 EGP 3.75 to EGP 4.50
2002 EGP 4.50 to EGP 4.62
2003 EGP 4.82 to EGP 6.13
2004 EGP 6.13 to EGP 6.28
2005 to 2006 EGP 5.75
2007 EGP 5.64 to EGP 5.5
2008 EGP 5.5 to EGP 5.29
2009 EGP 5.75


See also



References



External links




Embed code:
Advertisements






Got something to say? Make a comment.
Your name
Your email address
Message