the Egyptian Pound against international currencies
Egyptian Pound
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| Egyptian Pound |
Overview
The authority cash of Egypt is the Egyptian Pound (EGP). The image utilized for the EGP is E£ or in Arabic ( ج.م). The Egyptian Pound is partitioned into more modest cash group known as qirsh or millimes. 1 EGP = 100 qirsh = 1000 millemes.
Economy
- The Egyptian economy is turning out to be more market-orientated.
- The fundamental enterprises are metal, the travel industry, synthetic compounds, materials, drugs, light producers, food handling, hydrocarbons, development, and concrete.
- Fare items are oil and raw petroleum items, materials, cotton, agrarian merchandise, metal items, and synthetic compounds.
- Import items are wood items, fills, synthetics, hardware, apparatus, and food stuffs.
- Joblessness in the nation is assessed at 9.7%.
- The yearly GDP development is appraised at 2.6%.
History
- The Egyptian Pound, otherwise called gineih, was supplanted the Egyptian Piastre. The Piastre = 1/100 of a Pound. It was partitioned into 40 para.
- In 1885, the para was removed from course and the piastre was partitioned into tenths. In 1916 the tenths were renamed millimes.
- Egypt utilized the best quality level from 1885 to 1914. 1 EGP = 7.4375 grams of gold. After the episode of World War I, Egypt moved to the British Pound and was important for the Sterling period until 1962. Around the same time the EGP exchanged over to the US Dollar and was fixed at 1 EGP = 2.3 USD.
- In 1973, the stake was changed to the British Pound once more.
- In 1989, the Pound glided; notwithstanding, the Central Bank of Egypt firmly dealt with the control of unfamiliar trade.
- In 2005, the 1 Pound and 50 pastrie coins were presented.
- In 2009, Egypt began eliminating 1 Pound and half-pound notes.
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