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Hence the Egyptian and Turkish units split from each other in value, with the Egyptian unit continuing its exchange value of 97.5 piastres to the pound sterling. In 1885, Egypt went into a purely gold standard , and the Egyptian pound unit, known as the juneih , was introduced at E£1 = 7.4375 grammes of fine gold.
However, in 1956 the Sudan became independent, and on 8 April 1957, the Egyptian pound was replaced at par with the Sudanese pound. During the 1960s, the Sudanese pound diverged in value from the Egyptian pound, and from 30 December 1969 through until 21 September 1971, the Sudanese pound was pegged at 1:1 parity with the pound sterling.
The currency of Egypt is the Egyptian pound (E£ or ج.م – abbreviated to "LE" or "L.E." – livre égyptienne, "Egyptian pound" in French). The pound is divided into 100 piastres. The approximate official exchange rate for US$1 is E£49.57 as of November 2024. The Central Bank of Egypt controls the circulation of currency.
In 1836, the Egyptian pound was first introduced and it became open for public use. [4] The bank floated the Egyptian pound during the morning of the 13th of November 2016. [5] [6] Financial reserves of the Egyptian pound stood at 2.24 trillion in December 2024. [7]
The English word "pound" derives from the Latin expression lībra pondō, in which lībra is a noun meaning 'pound' and pondō is an adverb meaning 'by weight'. [ 1 ] [ 2 ] The currency's symbol is ' £ ' , a stylised form of the blackletter 'L' ( L {\displaystyle {\mathfrak {L}}} ) (from libra ), crossed to indicate abbreviation.
The piastre (Egyptian: ersh, قرش) was the currency of Egypt until 1834. It was subdivided into 40 para, ... In 1834, the pound, or gineih (Arabic), was introduced ...
Israel said on Tuesday that it was up to Egypt to reopen the Rafah Crossing and allow humanitarian relief into the Gaza Strip, prompting Cairo to denounce what it described as an attempt to shift ...
The Egyptian pound (EGP) has been converted to the international dollar using the IMF's Purchasing Power Parity conversion rate (one International dollar per 4.538 EGP in 2021). [ 1 ] Governorates by GDP