EGP stands for Egyptian Pound, the official currency of Egypt. It is denoted by the symbol "£" or "E£". The Egyptian Pound has been the legal tender in Egypt since 1834, replacing the use of other currencies such as the Ottoman piastre and the French franc. The currency is regulated by the Central Bank of Egypt, which is responsible for issuing and controlling the supply of banknotes and coins.
The Egyptian Pound is divided into smaller units called piastres, with 100 piastres equaling 1 Egyptian Pound. Both banknotes and coins are in circulation, with banknotes in denominations of 5, 10, 20, 50, 100, 200, and 500 Egyptian pounds, and coins in denominations of 25 and 50 piastres, as well as 1, 5, and 10 Egyptian pounds.
EGP’s exchange rate is subject to fluctuations in the foreign exchange market, influenced by economic factors such as inflation rates, interest rates, and changes in government policies. It is widely accepted throughout Egypt, in various sectors including banking, tourism, and international trade. The Egyptian Pound is also used for online transactions and is often the preferred currency for domestic transactions.
Due to its stability and widespread use, the EGP is an important component of Egypt's economy, contributing to both local and international financial activities.
