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The piastre was based on the Turkish kuruş, introduced while Egypt was part of the Ottoman Empire. As in Turkey, debasement lead to the piastre falling significantly in value. In 1834, the pound, or gineih (Arabic), was introduced as the chief unit of currency, worth 100 piastre. The piastre continues in use to the present day as a subdivision ...
In the wake of this currency reform, Egypt minted a gold coin known as the bedidlik, equal to 100 piastres, and a silver rial coin of 20 piastres corresponding to the Maria Theresa thaler. In 1839, a piastre contained 1.146 grams of silver, and meanwhile the British gold sovereign was rated at 97.5 piastres.
The piastre or piaster (English: / p i ˈ æ s t ər /) is any of a number of units of currency. The term originates from the Italian for "thin metal plate". The name was applied to Spanish and Hispanic American pieces of eight, or pesos, by Venetian traders in the Levant in the 16th century. İmage of 50 Turkish piastres (Turkish:50 kuruş).
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In 1839, a piastre contained 1.146 grams of silver, and meanwhile the British gold sovereign was rated at 97.5 piastres. While 100 Egyptian piastres and the bedidlik coin were referred to as a "pound" in the English-speaking world, this was not the principal unit in the new Egyptian monetary system of 1834.
Since the trading of gold and silver coins in Egypt and until 1834, there was no one unit of currency to unify the country. In 1834, a decree was realised stating the forging of an Egyptian currency based on the two metals (gold and silver). In accordance with said decree, the minting of a currency in the shape of gold and silver Riyals began.
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. As of May 2009, the currency notes in circulation have denominations of E£200, E£100, E£50, E£20, E£10, E£5, E£1 and 50 PT. and 25 PT. [32]
Egypt's exports to Indonesia, on the other hand, have reached $94.4 million in 2013 and included minerals, cement and fruits among others. [10] On 17 December 2024, Indonesian President Prabowo Subianto began a working trip to Egypt. [11] He attended the D-8 Summit [12] and held a bilateral meeting with Egyptian President Abdel Fattah el-Sisi. [13]