Egyptian pound Bank notes from Egypt with image of the Sphynx
The Egyptian pound or gineih[1] (Arabic: الجنيه المصرى, el-Gineih el-Miṣrī) is the currency of Egypt. It is divided into 100 qirsh (قرش) (pronounced irsh[2], piastres in English), or 1000 malleem (Arabic: مليم) (milliemes). The ISO 4217 code is EGP. Locally, the abbreviation LE or , which stands for livre égyptienne (French for Egyptian pound) is frequently used. E£ and £E are also much less-frequently used. Locally in Arabic,.ج.م is used as an abbreviation for el-Gineih el-Maṣrī. The Egyptian Arabic name, gineih, may be related to the English name guinea. History In 1834, a Royal Decree promulgating a Parliamentary Bill was issued providing for the issuing of an Egyptian currency based on a bimetallic base. The gineih was introduced, replacing the qirsh as the chief unit of currency. The qirsh continued to circulate, as 1⁄100 of a gineih, with the qirsh subdivided into 40 para. In 1885, the para ceased to be issued and the qirsh was divided into tenths (عشرالقرش oshr el-qirsh). These tenths were renamed malleem (milliemes) in 1916. The legal exchange rates were fixed by force of law for important foreign currencies which became acceptable in the settlement of internal transactions. Eventually this led to Egypt using a de facto gold standard between 1885 and 1914, with 1 gineih = grams pure gold. At the outbreak of the First World War, the gineih was pegged to the British pound at a rate of gineih = 1 pound sterling. This peg was maintained until 1962, when Egypt devalued slightly and switched to a peg to the dollar, at a rate of 1 gineih = dollars. This peg was changed to 1 gineih = dollars in 1973 when the dollar was devalued. The gineih was itself devalued in 1978 to a peg of 1 gineih = dollars (1 dollar = gineih). The gineih floated in 1989. The National Bank of Egypt issued banknotes for the first time on 3 April 1899. The Central Bank of Egypt and the National Bank of Egypt were unified into the Central B
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