Egyptian Pound

Overview

Economy

• Egypt is a member of AU, Arab League, OIC, Non-Aligned Movement.
• Main industries include: Textiles, Food processing, Tourism, Chemicals, Pharmaceuticals, Hydrocarbons, Construction, Cement, Metals, Light manufactures.
• Egypt is part of the World Trade Organization.
• Imports are machinery, equipment, foodstuffs, chemicals, wood products, fuels.
• Major exports include natural gas, oil and petroleum products, fruits and vegetables, cotton, textiles, metal products, chemicals, processed food.
• GDP: $469.1 billion (2023 est.).
• GDP per capita: $4,295 (2023 est.).
• Unemployment rate: 7.3% (2023 est.).
• Inflation rate: 33.9% (2023 est.).
• Main trading partners: United Arab Emirates, Saudi Arabia, Turkey, Italy, Germany, United States.
• Trade agreements: Arab Free Trade Area, COMESA, EU Association Agreement.

History

• Previous currencies used: Egyptian piastre, Ottoman Turkish lira.
• The Egyptian pound was introduced in 1834, initially based on a bimetallic standard. It has been Egypt's currency through various political and economic transformations including British occupation, independence, and modern economic reforms.
• 1834: Egyptian pound introduced under Muhammad Ali Pasha
• 1885: Gold standard adopted
• 1947: Pegged to British pound
• 1962: Central Bank of Egypt established
• 2003: Managed float adopted
• 2016: Major devaluation and IMF program
• 2022: Additional devaluations amid economic pressures
• Exchange rate peg: GBP (1947-1972).
• Exchange rate peg: USD (1973-2003).
• Exchange rate peg: Managed float (2003-present).

General Information

• ISO 4217 Code: EGP
• Symbols: EGP/£
• Currency Subunits: 100 piastres
• Central Bank: Central Bank of Egypt
• Monetary Policy: Managed floating exchange rate with inflation targeting framework. Focus on controlling inflation while supporting economic growth and structural reforms.
• Bills: 1 EGP, 5 EGP, 10 EGP, 20 EGP, 50 EGP, 100 EGP, 200 EGP, 500 EGP, 1000 EGP
• Coins: 5 piastres, 10 piastres, 20 piastres, 25 piastres, 50 piastres, 1 pound
• USD Exchange Rate: Variable (approximately 30-31 EGP per USD)
• Pegged To: None (Floating)
• Capital: Cairo
• Population: 109,262,178 (2023 est.)
• Area: 1,001,450 km²
• Languages: Arabic (official), English, French
• Time Zones: UTC+2 (Egypt Standard Time)
• Government Type: Presidential republic
• Head of Government: President (head of state and government)
• Independence: February 28, 1922 (from United Kingdom)
• Ethnic Groups: Egyptian 99.7%, Other 0.3%
• Religions: Muslim 90% (predominantly Sunni), Christian 10% (majority Coptic Orthodox)
• Literacy Rate: 71.2% (2017 est.)
• Transport: Cairo International Airport, Suez Canal, extensive road network, limited rail system, Nile River transport
• Communications: Adequate telecommunications, 57% internet penetration, wide mobile coverage
• Energy: Natural gas 76%, Oil 14%, Hydroelectric 7%, Other renewables 3%
• Countries Using This Currency: Egypt
• Data Sources: Central Bank: Central Bank of Egypt (cbe.org.eg), Economic Data: Central Agency for Public Mobilization and Statistics, World Bank, IMF, Trade Data: General Organization for Export and Import Control, Demographic Data: Central Agency for Public Mobilization and Statistics, Geographic Data: Egyptian Meteorological Authority, Historical Data: Central Bank of Egypt archives
• Last Updated: 2025