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This exchange value of 97.5 piastres to the pound sterling continued until the early 1960s when Egypt devalued slightly and switched to a peg to the United States dollar, at a rate of E£1 = US$2.3. The Egyptian pound was also used in Anglo-Egyptian Sudan between 1899 and 1956, and Cyrenaica when it was under British occupation and later an ...
A currency conversion service was offered in 1996 and commercialized by a number of companies including Monex Financial Services [7] and Fexco. [8]Prior to the card schemes (Visa and MasterCard) imposing rules relating to DCC, cardholder transactions were converted without the need to disclose that the transaction was being converted into a customer's home currency, in a process known as "back ...
The currency weakened to beyond 50 Egyptian pounds to the dollar - far beyond previous records - from about 30.85 pounds, a level Egypt has for months tried to defend. It closed at 49.4 to the dollar.
However, excluding the pegged (fixed exchange rate) currencies, there are only 130 currencies that are independent or pegged to a currency basket. Dependencies and unrecognized states are listed here only if another currency is used on their territory that is different from the one of the state that administers them or has jurisdiction over them.
The Egyptian stock exchange plummeted 6.25% following the beginning of the Egyptian revolution of 2011 on 25 January. [5] [6] It closed at the end of trading on 27 January after the benchmark EGX 30 Index (EGX30) plunged 16 percent that week amid the uprising. The exchange reopened on the 23rd of March after being closed for almost 8 weeks.
Egypt's exchange rate policies have undergone significant transformations over the years, reflecting the nation's evolving economic strategies and challenges. In 1885, Egypt adopted the gold standard, introducing the Egyptian pound (jeneih) at E£1 = 7.4375 grams of fine gold.
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]
Egyptian gold stater; Egyptian piastre; Egyptian pound This page was last edited on 19 July 2023, at 15:19 (UTC). Text is available under the Creative Commons ...