|
Egypt currency is used as the medium of exchange. In this country pound is used for the purpose of commutation. In Arabic it is popularly known as the gunaih and is divided into 100 qirsh or 1000 malleem. In the year 1834, a Royal Decree proclaiming a Parliamentary Bill was issued in order to provide the issuance of an Egyptian currency placed on a bimetal base and finally in 1836 the Egyptian pound was coined and put to serve the circulation purpose.
Egypt currency, the pound was divided into the 100 piastres and the force of law fixed the legal exchange rates for major foreign currencies that acquired acceptance in the settlement of internal transactions. On 3rd April 1899, for the first time, the National Bank of Egypt issued banknotes.
Coins, on the other hand, are encountered much less frequently than the Egyptian notes. However, 5, 10, 20, and 25 piastres coins have still remained as legal currency in Egypt.
Moreover, at the end of 2005, plans were implemented for the introduction of a new 200 pounds note and coins for 1 pound and 50 piastres and finally on 1st June 2006, 1 pound and 50 piastres were introduced, with the equivalent banknotes.
|
