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, tell about banknotes and coins, and also conduct a short excursion into the history of the Egyptian currency.
The monetary unit of Egypt and its history
In Egypt, a monetary unit called the “Egyptian pound” is in use, but in stores, its second name, the Egyptian lira, is also indicated on the price tags. 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 - guinea, so do not be surprised if suddenly in the store the seller asks 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 were released in 1830. For the entire time of their existence, they were produced not only from alloys, but also from silver. The shape of the coins is the most diverse. Metal money with 6 and 8 angles, as well as wavy shapes, and even coins that have holes are used. In the late 1930s,
Egyptian pounds cast from pure gold saw the light of day. At the very end of the 19th century, the first paper money appeared in Egypt.
Egypt money forms and materials
The monetary system of the state applies both banknotes and coins made of various alloys, which include aluminum, nickel and copper. The appearance of paper notes is somewhat worn, this is due to the fact that the so-called
money issue is rarely carried out in the country. At the same time, beautiful ancient temples and mosques are depicted on banknotes. Tourists, who for the first time hold the currency of Egypt in their hands, often at first admire it. No less interesting and attractive are the coins of Egypt. They are usually called piastres or kirshes, sometimes you can also hear the name of metallic money, like chicken. Today, coins issued at different times are in circulation in the country, so a wide variety of images are applied to them, and their color is different from each other, even if the denomination is the same. Piastres can also be in the paper version, which is used much more often than its metal counterpart.
Face value of coins of Egypt
Coins of Egypt have different denominations: there are piastres of 1, 5, 10, 20, 25 and 50, in addition, a metal coin of 1 pound denomination is used. There are also coins in denominations of 1, 5 and 10 mallim, while 10 mallim can be exchanged for 1 piastre. Interestingly, in turn, 5 piastres can be exchanged for 1 shelen, and 10 piastres - for 1 barise. 1 real equals 20 piastres in value, and 25 piastres - a quarter of guinea. As you can see, the secrets of the ancient rulers of these lands are reflected in modern history. Coins of Egypt - this is a real mystery for tourists, because their variety can even scare, especially if you come to this country for the first time. The best way is to exchange metal "little things" for paper banknotes, so 1 pound is equal to 100 piastres. Thus, Egyptian coins will be convenient to use only to experts on all the intricacies of handling them. It is also important to know how the numbers in Arabic are indicated. This will be very useful, since most price tags in stores and markets are written in Arabic script.
Currency of other countries circulating in Egypt
Going on a trip to Egypt, it is more convenient to take money with you in a currency that has wider circulation in the world. The best option is, of course, the American dollar. The currency of Egypt, the exchange rate of which has been stable against the dollar for a long time, is easily exchanged in the country's banks in the ratio of, on average, 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 by 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 the work of financial institutions in Egypt
Firstly, in banks the main thing is attentiveness. Naturally, they will not cheat in state institutions and exchange money at the indicated rate, but they can give banknotes in poor condition. Sellers in stores may not accept too old a banknote, and they will have to change it, which can also be done at the bank without any problems. It is important to remember the fact that Egyptian banks operate on a completely different schedule than, for example, in Russia. So, the banks of Egypt begin their work at 10 a.m., carry out their activities until 2 p.m., and then a fairly long break occurs. Work resumes only at 18 hours and lasts until 9 pm. In addition, the days off in this country are Thursday and Friday, and also sometimes Sunday.
Conclusion and important recommendations
People who are coming to Egypt for the first time should know the following important features of this country related to money transactions:
- Currency exchange takes place at banks that operate only a few hours in the morning and evening;
- special attention should be paid to small coins, since there are a lot of them in the country, and sellers often slip tourists with money out of circulation;
- large denominations in foreign currency are best exchanged for money of a smaller denomination before exchanging 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.