The currency of Egypt, with its vibrant banknotes adorned with ancient symbols and Arabic script, can be a fascinating but sometimes puzzling aspect for first-time travelers.
Understanding the local money is crucial for a smooth and enjoyable experience on your Egypt tours, ensuring you navigate markets, restaurants, and historical sites with confidence. Familiarizing yourself with the Egyptian Pound, knowing when to use cash versus cards, and finding the best exchange rates will significantly enhance your adventure.
Delving into Egypt's monetary system reveals the Egyptian Pound (EGP) as the backbone of all financial transactions. Established in 1834, it replaced the Egyptian piastre. In Arabic, locals refer to their currency as "gineih."
Historically, the Egyptian pound began on a fixed-rate bimetallic standard of gold and silver.
It was also initially pegged to the British pound sterling, reflecting Britain's influence on Egyptian finance at the time. While primarily Egypt's official currency, it is also unofficially used in the Gaza Strip and certain regions of Sudan, highlighting its regional significance.
The Egyptian pound features various symbols and abbreviations, which can be confusing for visitors:
These notations are common on price tags and menus. Tourist-oriented establishments often use E£ or EGP, while local shops might use the Arabic notation. Egyptian banknotes display both English and Hindu-Arabic numerals on one side, with Arabic text and Eastern Arabic numbers on the reverse, making the currency accessible to a wider audience. Since July 2022, modern polymer plastic notes have been introduced for the 10-pound and 20-pound denominations for enhanced durability and security.
The Egyptian Pound (EGP) is divided into 100 piastres, known as "qirsh" in Arabic, which are commonly used for small purchases. Historically, it was also divided into 1,000 milliemes, but these are now obsolete.
Current coins include 1 pound and various piastre values (5, 10, 20, 25, 50 piastres), while banknotes range from 1 to 200 pounds, plus some 25 and 50 piastre notes. Egyptians use colorful nicknames for certain amounts, like "bolbol" for a pound or "bako" for a thousand pounds. The 25 piastre coin is currently the smallest common denomination.
Egypt's monetary system features a colorful array of banknotes and coins, each showcasing the nation's rich historical heritage through its designs and symbols.
Egyptian banknotes come in several denominations with distinctive characteristics. Current paper notes include 200, 100, 50, 20, 10, 5, and 1 pound notes, along with 50 and 25 piastre notes. All banknotes are bilingual, featuring Arabic text on one side and English on the other.
A unique feature is that the physical size of Egyptian banknotes corresponds to their value, with higher denominations being larger notes. This thoughtful design aids in quick identification. The color scheme assists with identification:
As part of a modernization effort, polymer plastic notes for the 10-pound and 20-pound denominations were introduced in 2022 and 2023, enhancing their durability and security.
Egyptian coins are crucial for everyday transactions. Current coins include 1 Egyptian pound and piastre denominations of 50, 25, and 10. Some amounts, like 25 and 50 piastres, can be found in both coin and note form.
Coins feature historically significant Egyptian figures.
The 50-piastre gold-colored coin displays Cleopatra, while the 1-pound coin showcases Tutankhamun, a nod to his worldwide fame. More recent 1-pound coins feature the Suez Canal, emphasizing its importance to modern Egypt's economy.
Egyptian currency serves as a "portable gallery" of the nation's cultural heritage, with each banknote telling a unique story through its imagery. The Arabic side typically features Islamic buildings like the Mosque of Qaitbay and Sultan Hassan Mosque, while the English side showcases ancient Egyptian motifs such as Abu Simbel, the Great Sphinx, and The Seated Scribe.
This dual imagery intentionally connects Egypt's ancient and Islamic pasts. The 5-pound note is particularly symbolic, depicting both the Mosque of Ibn Tulun and Hapi, the god of the Nile's flooding, representing bounties and the unity of Egypt's regions. Historically, designs evolved from featuring monarchs (like King Farouk before 1952) to highlighting architectural and cultural heritage.
The story of Egyptian money is a long one, tracing a path through empires, reforms, and economic transformations that precede the modern pound.
In the early 19th century, Egypt used the Ottoman Empire's monetary system, with the Ottoman piastre divided into 40 paras. However, under Muhammad Ali, Egypt began to establish its monetary independence. In 1834, a decree was issued establishing an Egyptian monetary system based on a bimetallic standard of gold and silver. This reform rated the Maria Theresa thaler at 20 piastres.
In 1836, the Egyptian pound officially replaced the Egyptian piastre as currency. During this transition, Egypt minted gold coins called "bedidlik" (100 piastres) and silver rial coins (20 piastres). Despite its own coinage, Egypt initially maintained equal value with Turkish coins until the Ottoman piastre devaluation in 1844, a change Egypt did not follow.
In 1885, Egypt shifted from a bimetallic system to a gold standard, influenced by Britain and economic pressures. This established the Egyptian pound's value against gold and aimed to maintain an exchange rate of 97.5 piastres to the British pound sterling.
The National Bank of Egypt began issuing gold-convertible banknotes in 1899. However, this gold convertibility ended with World War I in 1914, leading Egypt to peg its currency to the British sterling. This peg lasted until the early 1960s, when Egypt transitioned to a US dollar peg at E£1 = USD 2.30.
In 1961, the establishment of the Central Bank of Egypt in Cairo marked the nation's full monetary independence, as it took control of currency circulation. Following a period of dollar pegging, the Egyptian pound underwent significant devaluations in 1979 and again between 1989-1991.
A pivotal moment occurred in 2016 when Egypt moved to a free-floating currency system, a condition for a substantial USD 12 billion bailout loan from the International Monetary Fund, which led to a dramatic depreciation of the pound. More recently, in 2022, Egypt began modernizing its currency with the introduction of durable, recyclable polymer banknotes, starting with the 10-pound note, followed by the 20-pound note in 2023, enhancing their longevity.
Navigating financial transactions in Egypt requires practical knowledge of where and how to exchange money, along with understanding when to use cash versus cards. This essential information ensures you'll spend less time worrying about money and more time enjoying your Egyptian adventure.
Exchanging currency in Egypt offers several options. Banks and official exchange offices provide government-regulated rates, making them typically your best choice for exchanging large sums.
Major hotels also offer currency exchange services, though usually at less favorable rates. Airports provide convenient but generally more expensive exchange options, ideal for obtaining just enough Egyptian pounds to reach your hotel. When exchanging currency, you must present your passport, as exchange offices are required to make a copy of your identification documents.
To maximize your money's value:
ATMs are the most convenient way to get Egyptian pounds and are widely available in major cities like Cairo, Alexandria, and tourist destinations such as Luxor and Sharm El-Sheik. Major banks like CIB, Banque Misr, and QNB offer reliable service with competitive rates.
When using ATMs, always decline any offered currency conversion and choose to be charged in Egyptian pounds. ATMs typically limit withdrawals to a daily maximum of EGP 30,000.
Egypt remains primarily a cash-based society. Local currency is necessary for taxis, street vendors, small shops, and markets. Credit cards (primarily Visa and Mastercard) are accepted at international hotels, shopping malls, and upscale restaurants.
However, American Express cards are not widely accepted. Mobile payments are growing in popularity, but cash is still dominant for many transactions.
For optimal convenience, carry a combination of cash for daily expenses and cards for larger purchases and emergencies.
Managing your finances wisely makes all the difference when exploring the land of pharaohs. From budgeting basics to safety precautions, here's what you need to know about handling the currency of Egypt effectively.
Egypt generally offers excellent value for money. Budget travelers might spend around $30-35 per day, while luxury travelers could spend around $59 daily. Street food can cost as little as $1, with mid-range restaurant meals starting at $4.
It's important to set aside an additional 10-15% of your total trip budget specifically for tipping, as this often-overlooked expense can add up.
Remember that haggling is expected in markets and with taxi drivers. Almost everything is negotiable in Egypt, so don't accept the first price offered. Approach negotiations with a smile and good humor.
In Egypt, tipping (baksheesh) is a way of expressing appreciation. Always tip in Egyptian pounds rather than foreign currency or coins, which are difficult for locals to exchange.
Obtaining small bills (10, 20, and 50 EGP notes) can be challenging. To get change, visit small kiosks, buy inexpensive items like water bottles, or ask your hotel to break larger bills. Generally, restaurant servers expect 10-15% tips, hotel staff appreciate 20-30 Egyptian pounds per service, and tour guides typically receive 100-200 Egyptian pounds daily.
Given Egypt's predominantly cash-based society, protecting your money is vital. Avoid traveling with excessively large sums and consider using a money belt worn underneath your clothes.
Split your cash between different locations—some in your wallet, some in luggage, and some with travel companions. When withdrawing money from ATMs, be aware of your surroundings. Store extra cash and important documents in your hotel safe, and keep cards and cash in separate places to minimize risk in case of theft.
Understanding the Egyptian pound (EGP) is crucial for a smooth trip. Its banknotes are a "portable gallery" of Egypt's rich ancient and Islamic heritage, now featuring modernized polymer notes. While ATMs are convenient, cash remains dominant for most transactions, including daily expenses, tipping, and market haggling.
Banks and official exchange offices offer the best rates for larger conversions. Egypt provides great value, so by balancing cash and cards, carrying small bills, and staying aware of your surroundings, travelers can enjoy its treasures without financial worries, recognizing the currency as a tangible link to thousands of years of civilization.
Q1. What is the currency used in Egypt for local transactions, especially when visiting places like the Giza Pyramids or Luxor Temple?
The official currency of Egypt is the Egyptian pound (EGP), also known locally as "gineih." It's divided into 100 piastres and you'll encounter it in various banknotes and coins, essential for purchases at historical sites and local markets.
Q2. When exploring Cairo, Luxor, or Aswan, can I rely on credit cards, or is cash more commonly accepted?
While international hotels, larger shopping malls, and upscale restaurants across Egypt (including in cities like Cairo and resorts in Sharm El Sheikh) do accept credit cards (mainly Visa and Mastercard), Egypt is primarily a cash-based society. It's highly advisable to carry Egyptian Pounds for everyday expenses, taxis, and transactions at local markets and smaller shops.
Q3. Where in Egypt can I get the best exchange rates for my foreign currency, whether I'm arriving at Cairo International Airport or staying in downtown Giza?
The best places to exchange money in Egypt are banks and official exchange offices, which offer government-regulated rates. While convenient, exchange booths at airports (like Cairo International) or major hotels typically offer less favorable rates. Look for banks in city centers or reputable exchange offices for better value.
Q4. What is the typical tipping etiquette ("baksheesh") when touring historical sites or staying at hotels in Egypt?
Tipping, or "baksheesh," is deeply ingrained in Egyptian culture. Generally, restaurant servers expect 10-15% tips. Hotel staff often appreciate 20-30 Egyptian pounds per service (e.g., forters, housekeeping). On Nile cruises, a communal tip is often collected at the end of your trip for the entire crew, typically suggested at around $3-5 USD per person per night, to be left at reception. Tour guides typically receive 100-200 Egyptian pounds daily. It's crucial to always tip in Egyptian pounds, as foreign coins or small foreign notes are difficult for locals to exchange.
Q5. What are the key safety tips for handling money when exploring bustling areas like Khan el-Khalili market in Cairo or withdrawing cash from ATMs in Luxor?
To ensure safety, avoid carrying excessively large sums of cash. Consider using a money belt worn under your clothes, and always split your money between different locations (e.g., some in your wallet, some in luggage). When withdrawing money from ATMs (which are widely available in cities), be aware of your surroundings, especially in busy tourist areas. Always store extra cash and important documents in your hotel safe.
Keep Reading
.9af64e93.svg)
.f54cdcf0.svg)
.c5fff291.svg)