Egyptian pounds: a couple of tips for tourists

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Egyptian pounds (Gene el Masri in Arabic) were first issued in 1834. This currency was larger in relation to the piastres, which by that time was in circulation in the country of the pyramids. From 1885 to the beginning of World War I

Egyptian currency was pegged to the gold standard. A pound was equal to 7.43 grams of the precious metal. But since 1914, the currency of the country of the pyramids has become dependent on the British. This link lasted until 1962. That year, the currency partially devalued, after which it was pegged to the dollar.

Egyptian pounds are signed in two languages - English and Arabic. On the front side you can see an image of some object of Muslim architecture. On the back, as a rule, an ancient Egyptian architectural monument flaunts. Each pound is conventionally divided into one hundred piastres. However, the purchasing power of the latter is very small. Therefore, of the coins in circulation today, only 25, 50 piastres and 1 pound. The first one has a hole in the middle. Previously, millimeters were also used, a thousand of which was one pound. But today it is already a rarity, you are unlikely to meet them.

Those who want to relax in Egypt should consider several important points. First, all banknotes in circulation in that country are the same size and often the same color. As an example, we can cite such banknotes: 20 pounds and 50 piastres. Their value is incomparable, and they look almost the same, apart from the numbers. Secondly, Egyptian pounds are mostly dented and dirty. This currency has not been updated for a long time. Some Egyptian pounds are so shabby that it is difficult to see the numbers on them. Others are in such a state that it seems that they will soon crumble into small pieces. Therefore, you should be especially careful, because scammers can easily slip banknotes of a smaller denomination.

However, tourists pay not only Egyptian pounds, but also dollars. Which of these currencies to spend is up to you. Another point is that both Arabic and familiar European numerals are used to indicate the value of banknotes. If on one side, due to shabbyness, you cannot distinguish what the denomination is, turn the banknote over. For obvious reasons, before traveling to Egypt, study Arabic numerals, this can come in handy. It is not difficult to do this, there are only 10 of them, like European ones - from 0 to 9, but outwardly they differ significantly.

In order not to fall for some "money changer" who will trick you, buy pounds exclusively in banks. And the last advice: when there is a need to pay for something, it is better not to use plastic cards. Paycash. Egypt occupies one of the first places in terms of the number of criminal frauds with plastic cards. Fraudsters can use sensitive data to make purchases over the Internet using your own money. All this can lead to the fact that you will get a severe headache in the form of a long showdown with your bank. Therefore, if you are going to go on vacation to the country of the pyramids, it is better to take cash and leave your plastic card at home.

After numerous events in Cairo and Tahrir Square, the rate of the Egyptian pound fell against other currencies. The real value of this money may be 10-20% lower than declared by the National Bank. The ratio of the Egyptian pound to the ruble is approximately 1: 5.