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On February 7, 2024, President Abdel Fattah El-Sisi directed the activation of a social protection package, which included working to raise the minimum wage by 50% to reach 6,000 Egyptian pounds per month, and increasing the wages of state employees and economic entities, with a minimum ranging between 1,000 and 1,200 pounds per month according ...
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.
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]
Egypt's foreign exchange reserves fell from US$36 billion in December 2010 to only US$16.3 billion in January 2012 as a result of propping up the Egyptian pound against the dollar. Concerns about social unrest and the country's ability to meet its financial targets provoked credit rating agencies to lower the country's credit rating on several ...
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.
Investopedia' Egyptian Pound article is poor. It begins The Egyptian Pound (EGP) is the official currency of the Arab Republic of Egypt, as designated by ISO 4217, the International Standard for currency codes, as if it's the ISO that designates currencies as official. The Egyptian pound's symbol is E£.
The Egyptian Pound has experienced a 98% drop in value relative to the US dollar since the start of 1960 with a volatility score of 18.2. [10] The lack of stability combined with rampant devaluation has made it difficult for the private sector to afford imports of basic goods and services. In addition, instead of providing subsidies to support ...
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