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In 1834 the Egyptian pound was introduced as the currency of Egypt and it replaced the Egyptian piastre. During the first World War the Egyptian pound was pegged to the British pound.
One British pound was equal to 0.975 Egyptian pounds. During the 1960’s Egypt switched from pegging its currency against the British pound to the United States Dollar. In 1962 the Egyptian pound was pegged to the US Dollar at $2.3 US dollars (USD) equal to £1 Egyptian pound (EGP). As the pound and dollar both fluctuated during the 1970’s the peg was altered.
In 1973 after the US dollar devalued £1 EGP became equal to $2.55 USD and then in 1978 £1 EGP became equal to $1.42857 USD. Egypt continued to peg the pound against the US Dollar until 1989. The Egyptian central bank today closely monitors and manages exchange rate fluctuations.
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Egypt is home to the oldest currency printing house in Africa and the Middle East which was established in the 1960’s. The Printing House of the Central Bank of Egypt first produced it’s own Egyptian bank note in 1967.
The Egyptian Pound is the official currency of Egypt. The ISO 4217 currency code for the Egyptian Pound is EGP.