Egyptian currency has a rich history that dates back to ancient times. Understanding the currency in Egypt is essential for travelers, expats, and those doing business in the country. The currency in Egypt is known as the Egyptian pound (EGP), and this article provides a comprehensive guide to help you navigate Egyptian currency.
Understanding Egyptian Currency: An Overview
The Egyptian pound has been the official currency of Egypt since 1834. The currency is abbreviated as EGP, and its ISO 4217 code is EGP. The Egyptian pound is divided into 100 piastres. The piastre is also referred to as an "irqah" in Arabic. The currency is regulated by the Central Bank of Egypt, which is responsible for issuing and managing the Egyptian pound.
The exchange rate of the Egyptian pound to the US dollar is volatile and fluctuates frequently. However, the currency has been relatively stable in recent years, with an exchange rate ranging between 15 EGP to 1 USD and 18 EGP to 1 USD. Although US dollars are widely accepted in tourist areas, it is advisable to exchange money for the local currency to avoid high exchange rates.
Egyptian Currency Denominations and Banknotes: A Complete Guide
The Egyptian pound comes in both coins and banknotes. The coins come in denominations of 25 piastres, 50 piastres, and 1 pound. The banknotes come in denominations of 5, 10, 20, 50, 100, 200, and 500 pounds. The design of the banknotes features iconic figures and landmarks of Egypt, including the Sphinx, the pyramids, and Nefertiti.
One of the unique features of Egyptian banknotes is that they are printed on polymer, which makes them more durable and resistant to tearing and water damage. However, it is advisable to handle the banknotes carefully as some shops and vendors may not accept ripped or defaced notes.
In conclusion, understanding Egyptian currency is essential for anyone visiting or doing business in Egypt. It is advisable to exchange money for local currency and handle the banknotes with care. By following this guide, you can navigate Egyptian currency with ease and avoid any confusion or mishaps.
Whether you are visiting Egypt as a tourist or doing business in the country, it is essential to have a good understanding of the local currency. This guide provides a comprehensive overview of Egyptian currency, including denominations and banknotes. By following the tips outlined in this article, you can make the most of your time in Egypt and avoid any currency-related mishaps.