Today, Egyptians conduct all transactions using the Egyptian pound (EGP). It is the current modern monetary unit of Égypte, also used by the State of Palestine. Due to international tourism, which constitutes a key sector for its economy, foreign currencies such as the US dollar, British pound, and euro circulate widely throughout the country.

A Brief Historical Overview

In ancient Égypte, currency was unknown. Transactions were based entirely on barter. Surplus production from the markets was collected by a central administration, public or religious institutions, then consolidated in a network of granaries and redistributed to the population of craftspeople and laborers working on major public projects. This was perceived as a salary-in-kind.

Introduced in 1885, some 134 years ago, the first Egyptian pound banknotes were issued on April 3, 1899 by the National Bank of Égypte. Subsequently, in 1961, this institution merged with the Egyptian central bank and officially became the sole Central Bank of Égypte. Since then, this bank has remained the only institution able to regulate the Egyptian pound.

The Egyptian Pound Explained

In compliance with ISO 4217-EGP standard, the Egyptian pound is known by the code or monetary symbol LE, £E, E£, or EGP. In Égypte, three categories of coins are in circulation: 25 piastres (Pt), 50 Pt, and 1 EGP. The Central Bank of Égypte issues denominations as needed, which is why these coins also circulate as banknotes. There are nine banknote denominations: 25 piastres (Pt), 50 Pt, 1 EGP, 5 EGP, 10 EGP, 20 EGP, 50 EGP, 100 EGP, and 200 EGP. One Egyptian pound equals 100 piastres or 1,000 millimes.

Generally, banknotes feature monuments from ancient Égypte on the English-language side and images of mosques on the Arabic side. This reflects both the prominence of Islam in the daily life of its inhabitants and the importance of the pharaonic dynasties and their monumental structures in the nation's history. The 1-pound note features Abu Simbel, the 10-pound note shows the statue of Chephren, and the 100-pound note displays the Sphinx.

Exchange Rates

Egyptian pound to British pound:

1 EGP = 0.0434 GBP

Egyptian pound to Swiss franc:

1 EGP = 0.0580 CHF

Egyptian pound to euro:

1 EGP = 0.051 EUR

Egyptian pound to US dollar:

1 EGP = 0.057 USD

Typically, currency exchange can be conducted at official exchange bureaus and banking agencies. In countries where the black market is highly active, it is wise to take precautions. For your exchanges, always prioritize official bureaus and decline offers on the street.

Since November 2016, when the bank announced its plan to allow the Egyptian pound to float, Égypte has experienced significant currency depreciation. The national currency has become unstable, with exchange rates subject to sudden fluctuations. In 2017, its value fluctuated between 16 to 21 EGP per 1 EUR.

Payment Methods

ATMs are widely available throughout Égypte, though they are scarce in small villages or remote desert areas. You can also withdraw cash from local bank ATMs such as Arab African International Bank or HSBC banks using Visa or MasterCard payment cards. Some major hotels and shops accept card payments but charge commissions of 3 to 5% of your expenses.

As in all Muslim countries, Egyptian banking institutions are closed on Fridays and Saturdays. They open on Sundays from 10 a.m. to 2 p.m. and the rest of the week from 8:30 a.m. to 2 p.m.

Normally, banks, luxury hotels, and certain tourist shops accept the euro. Some items are even occasionally priced in dollars or euros. It is advisable to always verify the exchange rate and any additional commissions charged to avoid any fraud.

Outside ultra-touristy zones, the cost of living in Égypte remains relatively affordable. It is 52% lower than in France. This is particularly advantageous for European tourists given the strength of the euro against the Egyptian pound.