The Egyptian Pound (Arabic Egyptian: ??????? ? Gen? H Ma? Ri [? e'ne: (h) 'm? s? i ; sign: EÃ, Â £ , LE ?. ; code: EGP ) is the Egyptian currency. It is divided into 100 piastres, or ersh (Arabic Egyptian: span title = "Representation in International Phonetic Alphabet (IPA)"> [ ? e ??] ; plural ???? [?? 'u:?] ), or 1,000 milliemes (Arabic Egyptian: ???? ? [mÃÆ'Â|l'li: m] ; French: milliÃÆ'¨me ).
Egyptian pounds are often abbreviated as LE or L.E. , which means livre ÃÆ' Â © gyptienne (French for Egyptian pounds). E Â £ and Ã, Â £ E are commonly used on the internet. Name Gen? H [? E'ne: (h)] comes from Guinea coin, which has almost the same value 100 piastre at the end of the 19th century.
Video Egyptian pound
Histori
In 1834, a khedival decree was issued, adopting Egyptian currency based on bimetallic (gold and silver) standards on the basis of Thaler Maria Theresa, a popular trading coin in the region. The Egyptian pound, known as geneih , was introduced, replacing the Egyptian piastre ( ersh ) as the main unit of the currency. The piastre continues to circulate as 1 / 100 of a pound, with the piastre divided into 40 para. In 1885, the stop was issued, and the piastre was divided into tenths ( ??????? 'oshr el-ersh ). This tenth was renamed milliemes ( malleem ) in 1916.
The legal exchange rate is established by the force of law for the important foreign currency that becomes accepted in the settlement of internal transactions. Finally this led to Egypt using the de facto gold standard between 1885 and 1914, with E $ 1 = 7.4375 grams of pure gold. At the outbreak of World War I, the Egyptian pound was pegged to the British pound sterling at EG £ 0.975 per GB Â £ 1.
Egypt remained a part of the Sterling Territory until 1962, when Egypt devalued slightly and switched to pegs to the US dollar, at an EG level of 1 = US $ 2.3. The peg was converted to 1 pound = 2.55555 dollars in 1973 when the dollar was devalued. The pound itself was devalued in 1978 to be worth 1 pound = 1.42857 dollars (1 dollar = 0.7 pounds). The pound floated in 1989. However, until 2001, the float was tightly managed by the Central Bank of Egypt and foreign exchange controls were in effect. The Egyptian Central Bank decided to end the managed float regime and allow the pound to float freely on 3 November 2016; the bank also announced an end to foreign exchange controls that day. The official rate has doubled.
The Egyptian pound was also used in Anglo-Egyptian Sudan between 1899 and 1956, and Cyrenaica when under British occupation and later independent emirates between 1942 and 1951. The Egyptian National Bank issued a banknote for the first time on April 3, 1899. The Egyptian Central Bank and the Bank The Egyptian National was united into the Central Bank of Egypt in 1961.
Maps Egyptian pound
Popular denominations and nomenclature
Used for historical or benign values ​​
Some unofficial popular names are used to refer to different Egyptian currency values. This includes (from the word nickel ) nekla ( ???? ) ['neklÃÆ'Â|] for 2 milliemes, ta'rifa ( ?????? ) [tÃÆ'Â|? '? i: fÃÆ'Â|] for 5 milliemes, shelen ( ??? ) ['? elen] (ie shilling) for 5 piastres, bariza ( ????? ) [bÃÆ'Â| '? i: zÃÆ'Â|] for 10 piastres, and reyal ( ???? ) [? e'jÃÆ'Â|: l] ( "real" ) for 20 piastres. Since piastre and millieme are no longer legitimate, the smallest denominations that are currently printed into 25-piastre coins (serving as one-fourth of a pound), these terms mostly fall into disuse and survive as antiques. Some people persist to refer to the pound: bariza now refers to the 10 pound note and reyal can be used with reference to the 20-pound note.
Informal
Different EGP numbers have custom nicknames, for example: 1.000 EGP default ( ???? ) ['bÃÆ'Â|: ku] "pack"; 1,000,000 EGP arnab ( ???? ) ['? ÃÆ'Â|? NÃÆ'Â|b] "rabbit"; 1,000,000,000 EGP feel ( ??? ) [fi: l] "elephant".
Coins
Between 1837 and 1900, 1 and 5 silver copper, 10 silver and 20 para, 1, 5, 10 and 20 piastre, gold 5, 10 and 20 piastre and 1 pound coins were introduced, with the following 50 piastre gold coins in 1839.
Copper 10 coins were introduced in 1853, although silver coins continued to be issued. Copper 10 coins were once again introduced in 1862, followed by the coins of 4 and 2 / 2 piastre in 1863. Gold 25 piastre coins were introduced in 1867.
In 1885, a new coin was introduced which consisted of bronze 1 / 4 , 1 /< sub> 2 , 1, 2 and 5 millieme, 1 silver, 2, 5, 10, and 20 piastre coins. The gold currency practically stopped, with only a small amount of 5 and 10 piastre coins issued.
In 1916 and 1917, a newly introduced base currency consisting of bronze / 2 millieme and hiding, cupro-nickel 1 , 2, 5 and 10 millieme coins. Silver 2, 5, 10 and 20 piastre coins continue to be issued, and a 1 pound gold coin has been reintroduced. Between 1922 and 1923, the gold currency was extended to include 20 and 50 piastre and 1 and 5 pound coins. In 1924, bronze replaced cupro-nickel in 1 millieme coins and the holes had been removed from other cupro-nickel coins. In 1938, 5 and 10 millieme bronze coins were introduced, followed in 1944 by silver, 2 piastre hexagonal coins.
Between 1954 and 1956, a new currency was introduced, consisting of bronze aluminum 1, 5 and 10 millieme and silver 5, 10 and 20 piastre coins, with the size of the silver currency diminishing significantly. A 2 milieme aluminum bronze coin was introduced in 1962. In 1967, the silver currency was abandoned and 5 cupro-nickel and 10 piastre coins were introduced.
Aluminum replaced aluminum-bronze in 1, 5, and 10 millieme coins in 1972, followed by brass in 5 and 10 millieme coins in 1973. Aluminum-bronze 2 piastre and cupro-nickel 20 piastre coins were introduced in 1980, followed by aluminum -Branded 1 and 5 piastre coins in 1984. In 1992, 5 and 10 piastre brass coins were introduced, followed by 25 piastre coins in nickel-lobes in 1993. The size of 5 piastre coins was reduced in 2004, 10 and 25 piastre coins - in 2008.
On June 1, 2006, 50 piastre and 1 pound coins dated 2005 were introduced, and the equivalent paper money was removed and completely disappeared from circulation in 2010. The coins bear the faces of Cleopatra VII and Tutankhamun's masks, and the 1 pound coin is a bimetallic. The size and composition of 50 piastre coins was reduced in 2007.
* 1 para = 1 / 40 piastre.
** Not circulating in 2008.
*** To commemorate the branching of the Suez channel, the front has an Arabic phrase, ???? ?????? ??????? "New Suez Channel".
Banknote
In 1899, the Egyptian National Bank introduced notes in denominations of 50 piastre, Ã, Â £ 1, Ã, Â £ 5, Ã, Â £ 10, Ã, Â £ 50 and Ã, Â £ 100 were introduced. Between 1916 and 1917, 25 piastre notes were added, along with government currency notes for 5 and 10 piastre. Issued intermittently, 5 and 10 piastre currently produced by the Ministry of Finance.
In 1961, the Egyptian Central Bank took over from the National Bank and issued notes in denominations of 25 and 50 piastre, Ã, Â £ 1, Ã, Â £ 5, Ã, Â £ 10 and Ã, Â £ 20 notes introduced in 1976 , followed by £, £ 100 in 1978, £, £ 50 in 1993 and £, £ 200 in 2007.
All Egyptian banknotes are bilingual, with Arabic texts and Arabic numerals on the front, and English text and Arabic numbers on the back. The front design tends to display Islamic buildings with reversed designs featuring Ancient Egyptian motifs (buildings, statues and inscriptions). During December 2006, it was mentioned in an article in Al Ahram newspaper and Al-Akhbar that there were plans to introduce Ã,  £ 200 and Ã,  £ 500 notes. By 2015, there are  ¥ 200 outstanding records but still no plans to make  ¥ 500 records. Starting from 2011, 25, 50 piastre and Ã,  £ 1 fractions have been removed and replaced with wider coin usage. In June 2016, the Egyptian National Bank reintroduced $ 1 notes into the circulation as well as 25 and 50 piastres records in response to the shortage of minor changes.
Historical and current exchange rates
Pound sterling
This table shows the value of one British pound sterling in Egyptian pounds:
US Dollar
This table shows the historical value of 1.00 US dollars in Egyptian pounds:
See also
- The Egyptian economy
- British currency in the Middle East
References
Bibliography
-
Krause, Chester L.; Clifford Mishler (1991). World Coins Standard Catalog: 1801-1991 (18th ed.). Krause Publication. ISBN: 0873411501. - Select, Albert (1994). World Bank Money Standard Catalog: Common Problems . Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publication. ISBNÃ, 0-87341-207-9.
External links
- Central Bank of Egypt
- Egypt's most recent and historic Egyptian money record
- Information about Egyptian money
Source of the article : Wikipedia
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