Banknotes and coins of Egypt: history and modernity. How not to make a mistake in exchanging money in Egypt?

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

Going on vacation or on a business trip to Egypt, many are interested in the issue of its national currency. Our article will help you figure out what kind of money is in use in this Arab country, talk about banknotes and coins, and also take a short digression into the history of the Egyptian currency.

The monetary unit of Egypt and its history

In Egypt, the monetary unit is in use, which is called the "Egyptian pound", but in stores on the price tags, its second name is also indicated - the Egyptian lira. It should be noted that the national currency of Egypt is distinguished by its external beauty and sophistication, worthy of the pharaohs. The local population also uses another name - a guinea, so you should not be surprised if suddenly the seller in the store asks you to pay with guineas. Money in Egypt, as in any other country in the world, has its own designation: the abbreviation LE is used to denote the Egyptian lira, and EGP, respectively, the Egyptian pound. By the way, the first pounds saw the light in 1830. Over the entire period of their existence, they were produced not onlyfrom alloys, but also from silver. The form of coins is the most diverse. Circulation has metal money with 6 and 8 corners, as well as wavy shapes, and even coins that have holes. In the late 1930s of the last century, the Egyptian pounds, cast from pure gold, saw the light. At the very end of the 19th century, the first paper money appeared in Egypt.

Forms and materials of Egyptian money

The state's monetary system uses both banknotes and coins in circulation, made from a variety of alloys, which include aluminum, nickel and copper. The appearance of paper banknotes is somewhat shabby, this is due to the fact that the so-called money emission is rarely carried out in the country. Along with this, beautiful ancient temples and mosques are depicted on the banknotes. Tourists who hold Egyptian currency in their hands for the first time often admire it at first. The coins of Egypt are no less interesting and attractive. They are usually called piastres or kirshes, sometimes you can also hear such a name for metal money as kurush. Today, there are coins in circulation in the country that were issued at different times, so they bear a wide variety of images, and their color differs from each other, even if the denomination is the same. Piastres are also available in paper version, which is used much more often than its metal counterpart.

Egyptian coin face value

Egyptian coins have different denominations: there are piastres of 1, 5, 10, 20, 25 and 50, in addition, metal1 pound coin. There are also coins in denominations of 1, 5 and 10 mallim, while 10 mallim can be exchanged for 1 piastres. Interestingly, in turn, 5 piastres can be exchanged for 1 shelen, and 10 piastres - for 1 barizo. 1 real is equal in value to 20 piastres, and 25 piastres is equal to a quarter of a guinea. As you can see, the secrets of the ancient rulers of these lands are reflected in modern history. The coins of Egypt are a real mystery for tourists, because their diversity can even scare you, especially if you come to this country for the first time. The best way out is to exchange metal "little things" for paper banknotes, so 1 pound is equal to 100 piastres. Thus, the coins of Egypt will be easy to use only for connoisseurs of all the subtleties of handling them. It is also important to know how the numbers are indicated in Arabic. This will be very useful, since most of the price tags in stores and markets are written in Arabic script.

Currency of other countries circulating in Egypt

When going on a trip to Egypt, it is more convenient to take money with you in a currency that is more widely used in the world. The best option is, of course, the US dollar. The Egyptian currency, which has been stable against the dollar for a long time, is easily exchanged in the country's banks at an average ratio of 1:5, that is, for 1 US dollar you can get 5 Egyptian pounds. Recently, the euro has also come into circulation. Of course, Egypt, no matter what currency is used in it, is a country striving for progress, so you can safely make purchases,paying with plastic cards. If there is a need to exchange foreign currency for Egyptian cash, then such a process can be carried out at the bank.

Features of Egyptian financial institutions

Firstly, the main thing in banks is attentiveness. Naturally, in state institutions they will not deceive and will exchange money at the indicated rate, but they can give banknotes in poor condition. Sellers in stores may not accept a banknote that is too old, and it will have to be changed, which can also be done at the bank without any problems. It is also important to remember the fact that Egyptian banks operate on a completely different schedule than, for example, in Russia. Thus, Egyptian banks start their work at 10 am, carry out their activities until 2 pm, and then there is a rather long break. Work resumes only at 18:00 and continues until 9:00. In addition, Thursday and Friday are considered holidays in this country, and sometimes Sunday.

Conclusion and important recommendations

People who come to Egypt for the first time should know the following important features of this country related to monetary transactions:

• currency exchange takes place in banks that work only a few hours in the morning and evening;
• special attention should be paid to change coins, as there are a lot of them in the country, and sellers often slip money out of circulation to tourists;
• large banknotes in foreign currency are best exchanged for money of smaller denominationsbefore being exchanged for national Egyptian pounds.

If you take special care in the process of handling money, learn their names and face value, you can not experience difficulties, but only enjoy a beautiful country.