EGP - Egyptian Pound

Before the 19th century, locally minted coins were used in Egypt due to the absence of an official currency in the country. In 1834, a parliamentary bill issued a new currency based on a bimetallic system made up of gold and silver. This bill was executed in 1836 and the Egyptian Pound replaced the Egyptian Piastre, which had been used since Egypt was a part of the Ottoman Empire. In 1885, the bimetallic standard was replaced with the single gold standard due to fluctuations in the value of silver.

In 1898, the National Bank of Egypt was formed, and began issuing the first banknotes a year later. These notes were convertible into gold until 1914, when the Egyptian Pound adopted a fixed exchange rate to the British Pound. In 1961, the Central Bank of Egypt was formed and was given the responsibility to manage and control the national currency. A year later, Egypt left the Sterling Area and pegged its value to the US Dollar until 1989. Today, the Egyptian Pound's exchange rate fluctuates while being closely managed by the central bank.