🇪🇬 Egypt Currency Symbol: A Detailed Guide

The Egyptian pound (EGP) is the official currency of Egypt. It is issued by the Central Bank of Egypt (CBE) and is divided into 100 piastres. The currency symbol is £, which is placed before the amount.

History of the Egyptian Pound

The Egyptian pound was introduced in 1834, replacing the piastre as the official currency of Egypt. The value of the pound was initially tied to the British pound sterling, and it remained so until the 1960s. In 1962, the Egyptian pound was devalued by 50%, and it has been floating against other currencies since then.

Design of the Egyptian Pound

The Egyptian pound has undergone several redesigns over the years. The current design was introduced in 2007 and features images of famous Egyptian landmarks and historical figures. The obverse of the 1-pound note features the Great Pyramid of Giza, while the reverse features a portrait of Tutankhamun. The 5-pound note features the Abu Simbel temple on the obverse and a portrait of Cleopatra VII on the reverse. The 10-pound note features the Pharos of Alexandria on the obverse and a portrait of Muhammad Ali Pasha on the reverse. The 20-pound note features the Aswan Dam on the obverse and a portrait of Gamal Abdel Nasser on the reverse. The 50-pound note features the Suez Canal on the obverse and a portrait of Anwar Sadat on the reverse. The 100-pound note features the Library of Alexandria on the obverse and a portrait of Hosni Mubarak on the reverse.

Value of the Egyptian Pound

The value of the Egyptian pound has fluctuated significantly over the years. In the 1960s, the pound was worth about US$2.50. However, the pound has since lost much of its value, and it is now worth about US$0.16.

Egyptian Pound Exchange Rates

The Egyptian pound is traded on the foreign exchange market, and its exchange rate against other currencies fluctuates constantly. The following table shows the exchange rates of the Egyptian pound against some major currencies as of March 8, 2023:

Egyptian Pound Inflation

The Egyptian pound has been experiencing inflation for many years. The inflation rate in Egypt was 15.3% in December 2022, according to the Central Bank of Egypt. This means that the prices of goods and services in Egypt have been rising by 15.3% per year.

Egyptian Pound Investments

The Egyptian pound is not a stable currency, and it is not recommended to invest in it. However, there are some ways to invest in Egypt that do not involve investing in the pound. One way is to invest in Egyptian stocks. Another way is to invest in Egyptian real estate.

Egyptian Pound Tips and Tricks

Here are some tips and tricks for using the Egyptian pound:

• When exchanging currency, always compare rates at several different banks or exchange bureaus.
• Be aware of the inflation rate in Egypt and factor it into your spending plans.
• Use a credit card or debit card that is not linked to the Egyptian pound to avoid exchange rate fees.
• Be careful about carrying large amounts of cash in Egypt.