When traveling to a foreign country, one of the essential things to know is what currency is used. In the case of Egypt, the official currency is the Egyptian pound (EGP). Let’s dive deeper into the details of Egypt’s official coin and understand its denominations, history, and exchange rates.

Denominations of the Egyptian Pound

The Egyptian pound is divided into smaller units called piasters or qirsh. However, piasters are rarely used nowadays, with prices typically quoted in pounds. Here are the denominations you need to be aware of:

  • Banknotes: 5, 10, 20, 50, 100, 200 pounds.
  • Coins: 1 pound, 50 piasters, 25 piasters, 10 piasters, and 5 piasters.

History of the Egyptian Pound

The Egyptian pound has a long history that goes back to 1834 when it was first introduced. Throughout the years, it has gone through several changes and modernizations. Originally, it was based on the value of the British pound, but after Egypt gained independence, it became its own currency. Today, the Egyptian pound is controlled by the Central Bank of Egypt.

Exchange Rates

Exchange rates fluctuate constantly, so it’s crucial to check the latest rates before your trip. As of September 2021, the exchange rate is approximately 15.7 EGP for 1 USD. However, it’s important to note that rates may vary depending on where you exchange your money.

Where to Exchange Currency

If you’re visiting Egypt, there are various places where you can exchange your currency. Some options include banks, exchange bureaus, and hotels. It’s recommended to compare rates and fees at different locations to ensure you get the best deal.

Tips for Handling Egyptian Currency

When using Egyptian currency, it’s essential to familiarize yourself with the various denominations. Here are a few tips to help you handle Egyptian currency:

  • Carry smaller denominations for convenience, as small vendors may not have change for larger bills.
  • Keep your money secure by using a money belt or wallet that’s hidden under clothing.
  • Be cautious when dealing with street vendors. It’s advisable to pay the exact amount or negotiate beforehand to avoid scams.

Now that you know the official currency of Egypt is the Egyptian pound, you can confidently navigate through your financial transactions during your visit. Remember to stay informed about exchange rates and choose reputable places for currency exchange. By understanding Egypt’s official coin, you’ll have a hassle-free experience exploring this beautiful country.

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