Egyptian pounds (in Arabic "gene el-masri") first began to be issued in 1834. This currency was larger in relation to the piastre, which at that time was in circulation in the country of the pyramids. From 1885 to the beginning of World War I
The Egyptian currency was tied to the gold standard. The pound was 7.43 grams of precious metal. But already in 1914, the currency of the country of the pyramids became dependent on the British. This binding lasted until 1962. That year, the currency partially devalued, after which it was attached 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 conditionally 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. Earlier millimas 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. Firstly, all banknotes in circulation in this country are the same size and often the same color. As an example, such banknotes: 20 pounds and 50 piastres. Their value is not comparable, but they look almost the same, not counting the numbers. Secondly, Egyptian pounds are mostly rumpled, dirty. This currency has not been updated for a long time. Some Egyptian pounds are so battered that it’s hard to see the numbers on them. Others are in such a state that they seem to crumble into small pieces soon. Therefore, you should be especially careful, because fraudsters can easily slip in banknotes of a lower denomination.
However, tourists pay not only with Egyptian pounds, but also with dollars. Which of these currencies to spend, you choose. Another point - both Arabic and familiar European numbers are used to denote the value of banknotes. If on one side due to shabby you cannot distinguish what is the face value, turn over the bill. For obvious reasons, study Arabic numerals before going to Egypt , this may come in handy. It is not difficult to do this, there are only 10 of them, as well as European ones - from 0 to 9, but outwardly they differ significantly.
In order not to fall for any “money changer” that cleverly guides you, buy pounds exclusively at banks. And the last tip: when there is a need to pay for something, it is better not to use plastic cards. Pay in cash. Egypt is one of the first places in the number of criminal fraud with plastic cards. Fraudsters can use confidential 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 long clarifications of relations 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 a plastic card at home.
After numerous events in Cairo and on Tahrir Square, the Egyptian pound to other currencies declined. The real value of this money may be 10-20% lower than declared by the National Bank. The Egyptian pound refers to the ruble approximately 1: 5.