| Egyptian Pound |
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The ISO 4217 code for the Egyptian pound is EGP. Locally, the abbreviation '''LE''' or '''L.E.''', which stands for ''livre égyptienne'' ( French for Egyptian pound) is frequently used. '''E£''' and '''£E''' are also much less-frequently used. 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. In 1836 the Egyptian pound was minted and put into circulation. The pound was originally divided into 100 piastres, each of 40 para. In 1885, the para ceased to be issued and the piastre was divided into tenths (oshr al-qirsh). These tenths were renamed 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. (1885-1914) 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 . BANKNOTES AND COINS Banknote s worth 100, 50, 20, 10, 5, and 1 pounds are in currently circulation, and notes worth 50, 25, 10, and 5 piasters. All Egyptian banknotes are Bilingual , with Arabic texts and Hindu-Arabic Numerals on one side, and English and Arabic Numbers on the other. It tends to be that one side has a picture of an Islam is building and the other side has a picture of an Ancient Egypt ian building. Coin s, even for the smallest amounts, are encountered much less frequently than notes, but 25, 20, 10, 5, 2, and 1 piastre coins remain legal currency. The most recent 25 piastre coin is Holed . During late spring in 2005, plans were announced to introduce a new 200 pound bill due to high cumulative inflation rates and coins for the 50 piastre and 1 pound. As of now, January 2006, no such new legislation has taken place. Effective June 1st 2006, a 1 LE coin and 50 piastres coin will be introduced and the equivalent bills be scrapped later on. The coins will have faces of Cleopatra and King Tut. The value of the Egyptian pound compared to the U.S. dollar is 1 Dollar = 5.75 EGP (2005). CURRENT EGP EXCHANGE RATES | ||
| "http://financeyahoocom/currency/convertamt=1&from=CAD&to=EGP&submit=Convert" class="copylinks" target="_blank">CAD |
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| "http://financeyahoocom/currency/convertamt=1&from=EUR&to=EGP&submit=Convert" class="copylinks" target="_blank">EUR |
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| "http://financeyahoocom/currency/convertamt=1&from=GBP&to=EGP&submit=Convert" class="copylinks" target="_blank">GBP |
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| "http://financeyahoocom/currency/convertamt=1&from=INR&to=EGP&submit=Convert" class="copylinks" target="_blank">INR |
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| "http://financeyahoocom/currency/convertamt=1&from=NZD&to=EGP&submit=Convert" class="copylinks" target="_blank">NZD |
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