World Currencies: Egyptian Currency

Egyptian Currency
The Egyptian Pound ( al-Gunayh al-Miṣrī ; Egyptian Arabic el-Genēh el-Maṣri IPA: [elɡeˈneːh elˈmɑsˤɾi]) (sign: E£ or ج.م; code: EGP) is the currency of Egypt. It is divided into 100 piastre, or qirsh (قروش [ʔoˈɾuːʃ, ʔeˈɾuːʃ], singular قرش [ʔeɾʃ]; Turkish: Kuruş), or 1,000 milliemes [mælˈliːm]; French: Millième).

The ISO 4217 code is EGP. Locally, the abbreviation LE or L.E., which stands for livre égyptienne (French for Egyptian pound) is frequently used. E£ and £E are rarely used. The name Gineih is derived from the Guinea coin, which had almost the same value of 100 piastres at the end of the 19th century.

In 1834, a Khedival Decree was issued providing for the issuing of an Egyptian currency based on a bimetallic base. The Egyptian pound, known as the gineih, was introduced, replacing the Egyptian piastre (qirsh) as the chief unit of currency. The piastre continued to circulate as 1⁄100 of a pound, with the piastre subdivided into 40 para. In 1885, the para ceased to be issued, and the piastre was divided into tenths ('oshr el-qirsh). These tenths were renamed milliemes (malleem) in 1916.

Egyptian Currency