Going on vacation or on a business trip to Egypt, many are interested in the question of its national currency. Our article will help you to understand what kind of money is in the course of this Arab country, tell about bills and coins, and also conduct a short digression into the history of the Egyptian currency.
Egypt's monetary unit and its history
In Egypt in the course of the monetary unit, which is called the "Egyptian pound," but in stores on the price tags and its second name is the Egyptian lira. It should be noted that the national currency of Egypt is different external beauty and sophistication, worthy of the pharaohs. Local people also use another name - guinea, so do not be surprised if suddenly in the store the seller asks to pay guineas. Money in Egypt, like in any other country in the world, has its own designation: the abbreviation LE is used to designate the Egyptian lira, and EGP, respectively, the Egyptian pound. By the way, the first pounds were published in 1830. For all time of their existence they were produced not only from alloys, but also from silver. The shape of the coins is very diverse. Walking has metal money with 6 and 8 corners, as well as wavy form, and even coins that have holes. In the late 1930s of the last century, the light was seen by Egyptian pounds, cast from pure gold. At the very end of the XIX century, the first paper money appeared in Egypt.
Forms and materials of Egypt's money
The state's money system uses in circulation both banknotes and coins made from a variety of alloys, which include aluminum, nickel and copper. The appearance of paper bills is somewhat shabby, this is due to the fact that so-called money emission is conducted in the country rarely. Together with this, beautiful ancient temples and mosques are depicted on banknotes. Tourists, who for the first time hold the currency of Egypt, often firstly admire it. No less interesting and attractive are coins of Egypt. They are called piastres or kirsch, sometimes you can hear the name of metal money like kurushi. Today in the country in circulation are coins issued at different times, so they are painted with a variety of images, and their color differs from each other, even if the face value is the same. Piastres can also be in paper form, which is used much more often than its metal counterpart.
Nominal value of Egyptian coins
Coins of Egypt have different dignity: there are piasters of 1, 5, 10, 20, 25 and 50, in addition, a metal coin of 1 pound is used. There are also coins in denominations of 1, 5 and 10 mallims, and 10 mallims can be exchanged for 1 piastre. It is interesting that in turn 5 piasters can be exchanged for 1 shelen, and 10 piastres - for 1 bariz. 1 real is equal to 20 piastres at cost, and 25 piastres are quarters of guinea. Apparently, the secrets of the ancient rulers of these lands are reflected in the new history. Coins of Egypt - this is a real mystery for the tourist, because their diversity can even scare, especially if you come to this country for the first time. The best solution is to exchange metal "trifles" for paper notes, so, 1 pound equals 100 piastres. Thus, the coins of Egypt will be convenient to handle only connoisseurs of all the subtleties of handling them. It is also important to know how the figures in Arabic are designated. This will be very useful, since most price lists in shops and on the markets are written in Arabic script.
Currency of other countries with circulation in Egypt
Going on a trip to Egypt, it is more convenient to take money with you in a currency that has a wider circulation in the world. The best option is, of course, the US dollar. The currency of Egypt, the rate of which is stable against the dollar for a long time, is easily exchanged in banks of the country in the ratio, on average, 1: 5, that is, for 1 US dollar you can get 5 Egyptian pounds. Recently, the circulation includes the euro. Of course, Egypt, which currency in it would not be applied, is a country striving for progress, so you can safely make purchases by paying with plastic cards. If there is a need to exchange foreign currency for cash Egyptian money, then this process can be carried out in the bank.
Features of the work of financial institutions in Egypt
First of all, care is the main thing in banks. Naturally, they will not cheat in state institutions and will exchange money at the specified rate, but they can give bills in bad condition. Salespeople in shops can not accept an old bank note, and it will have to be changed, which can also be done without problems in the bank. It is also important to remember the fact that Egyptian banks are working on a different schedule than, for example, in Russia. For example, the banks of Egypt begin their work at 10 am, operate up to 14 hours, and then there is a long enough break. The work is resumed only at 18 hours and continues until 9 pm. In addition, the days off in this country are Thursday and Friday, and sometimes even Sunday.
Conclusion and important recommendations
People who come to Egypt for the first time should know the following important features of this country relating to money transactions:
- The exchange of currencies takes place in banks that operate only a few hours in the morning and in the evening;
- Special attention should be paid to coins, as there are a lot of them in the country, and sellers often slip money out of circulation for tourists;
- Large monetary denominations in foreign currency are best exchanged for money of smaller dignity before being exchanged for national Egyptian pounds.
If you take special care in the process of handling money, learn their names and face value, you can not experience difficulties, but only enjoy a beautiful country.