Money and curency oled in egypt

Money, one of the earliest and most significant inventions of civilization, is essential to the development of trade. Without it there is only barter, a relationship between two people each of whom has something which the other wants

Money (which everybody wants) provides an intermediary substance, enabling the seller to choose when and where he wishes to become a buyer

Since the beginning of the circulation of silver and gold coins in Egypt and until 1834 there was no specified monetary unit to serve as a basis for the monetary system in Egypt, only a few of these coins were minted locally

The currency during the Tulunid period was the golden dinars and silver dirhams which were very few. The copper coinage was not widely used during the Tulunid age

The first type of Ottoman coins in Egypt were called Khairia. The first golden coins that were coined in Egypt during that time was under the reign of Sultan SelimI. The Ottoman coins continued to be used in the time of Mohamed Ali, but later on they began to disappear for two reasons: the first independence. The second, is the arrival of the French camping

In 1836 the Egyptian pounds were minted and put into circulation. Legal exchange rates were fixed for important foreign currencies to satisfy the requirements as well as foreign trade, which became acceptable in the settlement of internal transactions by force of Law

Fluctuations in the value of silver in addition to following the gold standard by most of the countries trading with Egypt, led to the adoption of the gold standard

During the presidency of Gamal Abdel Nasser, the economy of Egypt was radically socialized. Beginning in 1961, foreign trade, banking, insurance, and most wholesale and industrial establishments were nationalized. Those sectors which remained in private hands were placed under heavy regulatory restraints

The currency of Egypt is the pound, the Egyptian pound ( LE ) is divided into 100 piaster. Every banknote has two faces, one is written in Arabic and usually has pictures of a well known mosque in Egypt and the other face is in English and has pictures ancient Egyptian figures and temples

Since the adoption of the structural adjustment program, the pound has gone up and down, around and back again. Here's a quick look at the highlights

Foreign Exchange Rates & Gold prices

Most foreign currencies, cash or travelers cheque can easily be changed in Egypt. Exchange bureaus are found in larger cities but they mainly only deal in cash. Visa and Mastercard are good for cash advances and together with American Express, JCb cards and Euro card are accepted in a wide range of shops and hotels .