The currency of Egypt is the Egyptian pound which in Arabic is called Guinay. It is made up of smaller denominations called Piastres. Two interesting facts of Egypt currency are that each note is written in two languages, Arabic and English, and that the smaller the note denomination, the smaller it’s physical size. Egyptian paper money is among the most elegant, on account of its color and the use of Egyptian and Arab motifs in its design.
On 3 April 1899, The National Bank of Egypt issued banknotes for the first time. In the year 1949 authorities in Egypt introduced the Egyptian pound with the International Monetary Fund at the rate of E1 = US$2.87. In 1961 The Central Bank of Egypt and the National Bank of Egypt were unified into the Central Bank of Egypt and the following year a uniform premium was applied to most foreign exchange transactions that in effect made E1 worth US$2.30. Needing foreign currency in the late 1960s, the government applied a premium rate of E1 = US$1.70, which became known as the parallel market, to a range of transactions. The rate lasted until 1975, the Central Bank rate then fixed at E1 = US$1.43 since 1979.
Key Facts of The Currency Club:
The Currency Club through its innovative price tracking mechanism offers the best currency exchange rates for Egyptian pound. We offer an integrated online platform that provides members with greater transparency. Register, become a member and via your own designated account, order travel money efficiently and at your own convenience. Place your order through The Currency Club and get the best Egyptian pound exchange rate.