1:32 AM

Egyptian Pound (EGP)

Posted by Saleem Mukati

The official currency of Egypt (Egyptian Pound) was pegged to the US dollar until 2000. Because of the severe economic crisis in Egypt the central bank was forced to devalue the EGP. While still trying to maintain a so-called managed peg to the dollar, the capital outflows from the country at last forced the central bank to let the EGP float almost freely in 2003. From 2000 to 2003 the EGP depreciated by almost 50 percent and is now traded at approximately 6.2 EGP per dollar. 

1 Pound = 100 Piastres = 1000 Milliemes 


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