| Egyptian pound مائه جنيه مصري (Arabic) |
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| ISO 4217 Code | EGP | ||
|---|---|---|---|
| User(s) |  Egypt |
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| Inflation | 8. ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established This article is about the country of Egypt For a topic outline on this subject see List of basic Egypt topics. In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time 8% | ||
| Source | The World Factbook, 2007 est. | ||
| Subunit | |||
| 1/100 | قرش, qirsh (piastre) | ||
| 1/1000 | مليم, maleem (millieme) | ||
| Symbol | £, LE, or ج. The piastre or piaster was a unit of currency It was originally equal to one silver Dollar or Peso, served as the major unit of currency of French A currency sign is a graphic symbol often used as a shorthand for a Currency 's name م | ||
| قرش, qirsh (piastre) | Pt. The piastre or piaster was a unit of currency It was originally equal to one silver Dollar or Peso, served as the major unit of currency of French | ||
| Coins | 5, 10, 20, 25, 50 qirsh, 1 gineih | ||
| Banknotes | 5, 10, 25, 50 qirsh 1, 5, 10, 20, 50, 100, 200 gineih |
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| Central bank | Central Bank of Egypt | ||
| Website | www.cbe.org.eg | ||
The Egyptian pound or gineih[1] (Arabic: الجنيه المصرى, el-Gineih el-Maṣrī) is the currency of Egypt. A central bank, reserve bank, or monetary authority is the entity responsible for the Monetary policy of a country or of a group of member states This is the article for Egypt's central bank for "Bank of Egypt" please see Banque Misr The Central Bank of Egypt is the Central Arabic (ar الْعَرَبيّة (informally ar عَرَبيْ) in terms of the number of speakers is the largest living member of the Semitic language This article is about the country of Egypt For a topic outline on this subject see List of basic Egypt topics. It is divided into 100 qirsh (قرش) (pronounced irsh[2], piastres in English), or 1000 malleem (Arabic: مليم) (milliemes). The piastre or piaster was a unit of currency It was originally equal to one silver Dollar or Peso, served as the major unit of currency of French Arabic (ar الْعَرَبيّة (informally ar عَرَبيْ) in terms of the number of speakers is the largest living member of the Semitic language
The ISO 4217 code is EGP. ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established Locally, the abbreviation LE or L. E. , which stands for livre égyptienne (French for Egyptian pound) is frequently used. French ( français,) is a Romance language spoken around the world by 118 million people as a native language and by about 180 to 260 million people E£ 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. English is a West Germanic language originating in England and is the First language for most people in the United Kingdom, the United States The guinea coin of 1663 was the first English machine-struck Gold coin.
Contents |
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. Year 1834 ( MDCCCXXXIV) was a Common year starting on Wednesday (link will display the full calendar of the Gregorian Calendar (or a Common Bi-metallic coins are Coins consisting of more than one Metal or Alloy, generally arranged with an outer ring around a contrasting center The gineih was introduced, replacing the qirsh as the chief unit of currency. The piastre ( Arabic: qirsh, قرش pronounced irsh) was the currency of Egypt until 1834 The qirsh continued to circulate, as 1⁄100 of a gineih, with the qirsh subdivided into 40 para. In 1885, the para ceased to be issued and the qirsh was divided into tenths (عشرالقرش 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 gineih = 7. The gold standard is a monetary system in which a region's common media of exchange are paper notes that are normally freely convertible into pre-set fixed quantities of Gold 4375 grams pure gold. At the outbreak of the First World War, the gineih was pegged to the British pound at a rate of 0. World War I (abbreviated WWI; also known as the First World War, the Great War, and the War to End All The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency 975 gineih = 1 pound sterling. 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 gineih = 2. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 3 dollars. This peg was changed to 1 gineih = 2. 55555 dollars in 1973 when the dollar was devalued. The gineih was itself devalued in 1978 to a peg of 1 gineih = 1. 42857 dollars (1 dollar = 0. 7 gineih). The gineih floated in 1989.
The National Bank of Egypt issued banknotes for the first time on 3 April 1899. National Bank of Egypt (NBE is the oldest and largest bank in Egypt and has 423 branches within the country Events 1043 - Edward the Confessor is crowned King of England. Year 1899 ( MDCCCXCIX) was a Common year starting on Sunday (link will display the full calendar of the Gregorian calendar (or a Common The Central Bank of Egypt and the National Bank of Egypt were unified into the Central Bank of Egypt in 1961. This is the article for Egypt's central bank for "Bank of Egypt" please see Banque Misr The Central Bank of Egypt is the Central Year 1961 ( MCMLXI) was a Common year starting on Sunday (link will display full calendar of the Gregorian calendar.
Coins
Between 1834 and 1836, copper 1 and 5 para, silver 10 and 20 para, 1, 5, 10 and 20 qirsh, and gold 5, 10 and 20 qirsh and 1 gineih were introduced, with gold 50 qirsh following in 1839. Copper 10 para were introduced in 1853, although the silver coin continued to be issued. Copper 10 para were introduced in 1862, followed by copper 4 para and 2½ qirsh in 1863. Gold 25 qirsh were introduced in 1867.
In 1885, a new coinage was introduced consisting of bronze ¼, ½, 1, 2 and 5 oshr el-qirsh, silver 1, 2, 5, 10 and 20 qirsh. The gold coinage practically ceased, with only small numbers of 5 and 10 qirsh 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. Silver 2, 5, 10 and 20 qirsh continued to be issued, and a gold 1 gineih was reintroduced. Between 1922 and 1923, the gold coinage was extended to include 20 and 50 qirsh, 1 and 5 gineih. In 1924, bronze replaced cupro-nickel in the 1 maleem and the holes were removed from the other cupro-nickel coins. In 1938, bronze 5 and 10 maleem were introduced, followed, in 1944, by silver, hexagonal 2 qirsh 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 qirsh, with the size of the silver coinage significantly reduced. An aluminium-bronze 2 maleem was introduced in 1962, whilst, in 1967, the silver coinage was abandoned and cupro-nickel 5 and 10 qirsh coins were introduced.
Aluminium replaced aluminium-bronze in the 1, 5 and 10 maleem in 1972, followed by brass in the 5 and 10 maleem in 1973. Aluminium-bronze 2 qirsh and cupro-nickel 20 qirsh were introduced in 1980, followed by aluminium-bronze 1 and 5 qirsh in 1984. In 1992, brass 5 and 10 qirsh were introduced, followed by holed, cupro-nickel 25 qirsh in 1993.
On June 1, 2006, 50 qirsh and 1 gineih coins were introduced, with the equivalent banknotes to be scrapped later. Events 193 - Roman Emperor Didius Julianus is Assassinated 987 - Hugh Capet is elected Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. The coins bear the faces of Cleopatra VII and Tutankhamun, and the 1 gineih coin is bimetallic. Cleopatra VII Philopator (in Greek, Κλεοπάτρα Φιλοπάτωρ; January 69 BC &ndash 30 BC was a Hellenistic ruler of Egypt Bi-metallic coins are Coins consisting of more than one Metal or Alloy, generally arranged with an outer ring around a contrasting center Coins, even for the smallest amounts, are encountered much less frequently than notes but coins down to 5 qirsh remain legal currency.
Banknotes
In 1899, the National Bank of Egypt introduced notes in denominations of 50 qirsh, 1 5, 10, 50 and 100 gineih were introduced. National Bank of Egypt (NBE is the oldest and largest bank in Egypt and has 423 branches within the country 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. The finance minister is a Cabinet position in a Government. A minister of Finance (also called financial affairs the treasury the economy or economic
In 1961, the Central Bank of Egypt took over from the National Bank and issued notes in denominations of 25 and 50 qirsh, 1, 5 and 10 gineih. This is the article for Egypt's central bank for "Bank of Egypt" please see Banque Misr The Central Bank of Egypt is the Central 20 gineih notes were introduced in 1976, followed by 100 gineih in 1978, 50 gineih in 1993 and 200 gineih in 2007. [3]
All Egyptian banknotes are bilingual, with Arabic texts and Eastern Arabic numerals on the obverse and English and Hindu Arabic numerals on the reverse. Arabic (ar الْعَرَبيّة (informally ar عَرَبيْ) in terms of the number of speakers is the largest living member of the Semitic language The Eastern Arabic numerals (also called Arabic-Indic numerals and Arabic Eastern Numerals) are the symbols used to represent the Hindu-Arabic numeral system English is a West Germanic language originating in England and is the First language for most people in the United Kingdom, the United States The arabic numerals (often capitalized are the ten Digits (0 1 2 3 4 5 6 7 8 9 which—along with the system Obverse designs tend to feature an Islamic building with reverse designs featuring an Ancient Egyptian building. For other meanings including people named 'Islam' see Islam (disambiguation. Ancient Egypt was an Ancient Civilization in eastern North Africa, concentrated along the lower reaches of the Nile River in what is now 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 gineih notes. As for 2007, there are 200 gineih notes circulating in Egypt and subsequently 500 gineih notes will circulate.
Popular denominations and nomenclature
Several non-official popular names are used to refer to different values of Egyptian currency. These include Bariza /bariːza/, Ta'rifa /taʕriːfa/. . . etc. Different sums of EGP have special nicknames for example 1,000,000 EGP is nicknamed arnab /arnab/ which means rabbit. 1,000,000,000 or one billion gineih is called:'feel' which means an elephant
Historical exchange rates
Pound Sterling
This table shows the historical value of one pound sterling in Egyptian gineih:
| Date | Official Rate |
|---|---|
| 1885 to 1949 | EGP 0. The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency Year 1885 ( MDCCCLXXXV) was a Common year starting on Thursday (link will display the full calendar of the Gregorian calendar (or a Common Year 1949 ( MCMXLIX) was a Common year starting on Saturday (link will display the full calendar of the Gregorian calendar. 975 |
US Dollar
This table shows the historical value of one U.S. dollar in Egyptian gineih:
| Date | Official Rate | Date | Official Rate | Date | Official Rate |
|---|---|---|---|---|---|
| 1885 to 1939 | EGP 0. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been Year 1885 ( MDCCCLXXXV) was a Common year starting on Thursday (link will display the full calendar of the Gregorian calendar (or a Common Year 1939 ( MCMXXXIX) was a Common year starting on Sunday (link will display the full calendar of the Gregorian calendar. 20 | 1940 to 1949 | EGP 0. Year 1940 ( MCMXL) was a Leap year starting on Monday (link will display the full 1940 calendar of the Gregorian calendar. Year 1949 ( MCMXLIX) was a Common year starting on Saturday (link will display the full calendar of the Gregorian calendar. 25 | 1950 to 1967 | EGP 0. Year 1950 ( MCML) was a Common year starting on Sunday (link will display the full calendar of the Gregorian calendar. Year 1967 ( MCMLXVII) was a Common year starting on Sunday (link will display full calendar of the 1967 Gregorian calendar. 36 |
| 1968 to 1978 | EGP 0. Year 1968 ( MCMLXVIII) was a Leap year starting on Monday (link will display full calendar of the Gregorian calendar. Year 1978 ( MCMLXXVIII) was a Common year starting on Sunday (link displays the 1978 Gregorian calendar) 40 | 1979 to 1988 | EGP 0. Year 1979 ( MCMLXXIX) was a Common year starting on Monday (link displays the 1979 Gregorian calendar) Year 1988 ( MCMLXXXVIII) was a Leap year starting on Friday (link displays 1988 Gregorian calendar) 60 | 1989 | EGP 0. Year 1989 ( MCMLXXXIX) was a Common year starting on Sunday (link displays 1989 Gregorian calendar) 83 |
| 1990 | EGP 1. Year 1990 ( MCMXC) was a Common year starting on Monday (link displays the 1990 Gregorian calendar) 50 | 1991 | EGP 3. Year 1991 ( MCMXCI) was a Common year starting on Tuesday (link will display full calendar of the Gregorian Calendar. 00 | 1992 | EGP 3. Year 1992 ( MCMXCII) was a Leap year starting on Wednesday (link will display full 1992 Gregorian calendar) 33 |
| 1993 to 1998 | EGP 3. Year 1993 ( MCMXCIII) was a Common year starting on Friday (link will display full 1993 Gregorian calendar) Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) 39 | 1999 | EGP 3. Year 1999 ( MCMXCIX) was a Common year starting on Friday (link will display full 1999 Gregorian calendar) 40 | 2000 | EGP 3. 2000 ( MM) was a Leap year that started on Saturday of the Common Era, in accordance with the Gregorian calendar. 42 to EGP 3. 75 |
| 2001 | EGP 3. Year 2001 ( MMI) was a Common year starting on Monday according to the Gregorian calendar. 75 to EGP 4. 50 | 2002 | EGP 4. See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. 50 to EGP 4. 62 | 2003 | EGP 4. Year 2003 ( MMIII) was a Common year starting on Wednesday of the Gregorian calendar. 82 to EGP 6. 13 |
| 2004 | EGP 6. "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again " 13 to EGP 6. 28 | 2005 to 2006 | EGP 5. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. 75 | 2007 | EGP 5. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. 64 to EGP 5. 5 |
| 2008 | EGP 5. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common 5 to EGP 5. 35 |
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See also
References
- Krause, Chester L. Occupying the northeast corner of the African continent Egypt is bisected by the highly fertile Nile valley where most economic activity takes place and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed. The Standard Catalog of World Coins is a series of numismatic Catalogs commonly known as the Krause catalogs in the Numismatic hobby , Krause Publications. ISBN 0-87341-150-1.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues, Colin R. The Standard Catalog of World Paper Money is a very well-known catalogue of Banknotes that is published by Krause Publications in three volumes Bruce II and Neil Shafer (editors), 7th ed. , Krause Publications. ISBN 0-87341-207-9.
External links
- Don's World Coin Gallery - Egypt
- Ron Wise's World Paper Money - Egypt Mirror site
- Tables of Modern Monetary Systems by Kurt Schuler - Egypt Mirror site
- The Global History of Currencies - Egypt
- Global Financial Data data series - Egypt gineih
- Global Financial Data currency histories table (
Microsoft Excel format) - History of the Egyptian gineih
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