EGP

Loading the player...

DEFINITION of 'EGP'

The currency code for the Egyptian pound, the official currency of Egypt. The EGP replaced the Egyptian piastre in 1834. The pound was tied first to the gold standard and then the British pound, until 1962 when the country moderately devalued the pound and pegged it to the U.S. dollar. The EGP is unofficially used by residents of the Gaza Strip.

BREAKING DOWN 'EGP'

The Central Bank of Egypt, which oversees the national currency, was created as a result of the merger of the Central Bank of Egypt and National Bank of Egypt in 1961. Egyptian banknotes feature both English and Hindu Arabic numbers on one side and Arabic texts with Eastern Arabic numbers on the other. The currency can also be noted by the symbol LE or L.E. (related to the French translation for the currency).

RELATED TERMS
  1. SDP (Sudanese Pound)

    The currency abbreviation or currency symbol for the first Sudanese ...
  2. LBP

    The currency abbreviation or currency symbol for the Lebanese ...
  3. LBP (Lebanese Pound)

    The currency abbreviation or currency symbol for the Lebanese ...
  4. SYP (Syrian Pound)

    The currency abbreviation for the Syrian pound (SYP), the currency ...
  5. Arab Monetary Fund

    A sub-organization of the Arab League that facilitates monetary ...
  6. GBP/USD (British Pound/U.S. Dollar) ...

    The abbreviation for the British pound and U.S. dollar (GBP/USD) ...
Related Articles
  1. Forex Education

    About the EGP, or Egyptian Pound

    The EGP, or the Egyptian pound, is the currency of Egypt.
  2. Economics

    Oil Investments Boost Egypt's Recovery Prospects

    Major foreign oil companies have provided a big boost to the Egyptian economy by agreeing to invest around US$17 billion in the country's energy sector.
  3. Investing

    Will Eni’s Discovery Affect Oil Prices?

    Following a massive natural gas discovery in the Mediterranean, Egypt's energy concerns will be coming to an end, but how does this affect oil prices?
  4. Forex Education

    Forex Currencies: The GBP/USD

    By Brian PerryAlthough it is small in terms of land mass, the economy of the United Kingdom (U.K.) is prosperous. The British (U.K.) pound sterling (or pound) plays an important role in the international ...
  5. Forex

    GBP-USD Pair

    Trading the GBP-USD currency pair
  6. Forex Education

    The Hazards Of Currency Movements

    Devaluation and revaluation are official changes in the value of a nation’s currency in relation to other currencies. The terms are generally used to refer to officially sanctioned changes in ...
  7. Term

    Why Countries Keep Reserve Currency

    Central banks and financial institutions hold large amounts of foreign money as their reserve currency.
  8. Forex Education

    Forex Currencies: Conclusion

    By Brian Perry Conclusion The currency markets are the largest and most actively traded financial markets in the world with daily trading volume of more than $3 trillion (Triennial Central ...
  9. Taxes

    Tablets To 1040s: How Taxes Began

    Ever dream of a world without tax? It existed - 3,000 years ago.
  10. Forex

    Top Exchange Rates Pegged To The U.S. Dollar

    From the end of World War II until around 1971, all countries in the IMF pegged their currencies to the U.S. dollar. Today, many still do.
RELATED FAQS
  1. Why is the British pound / U.S. dollar currency pair known as "trading the cable"?

    The British pound / U.S. dollar currency pair is one of the oldest and most widely-traded currency pairs in the world. The ... Read Answer >>
  2. How can I trade in cross currency pairs if my forex account is denominated in U.S. ...

    The forex market allows individuals to trade on nearly all of the currencies in the world. However, most of the trading is ... Read Answer >>
  3. What currency is affected by the interest rate decisions of the Bank of England (BoE)? ...

    The Bank of England (BoE) is responsible for the interest rate decisions that affect the economy of Great Britain. As with ... Read Answer >>
  4. What are key economic factors that can cause currency depreciation in a country?

    Read about the causes of currency devaluation, and find out how to differentiate between relative and absolute currency devaluation. Read Answer >>
  5. Why is the U.S. dollar shown on the top of some currency pairs and on the bottom ...

    All currencies are traded in pairs. The first currency in the pair is called the base currency while the second is called ... Read Answer >>
  6. Is there a world currency? If so, what is it?

    There is no such thing as a world currency. However, since World War II, the dominant or reserve currency of the world has ... Read Answer >>
Hot Definitions
  1. Law Of Demand

    A microeconomic law that states that, all other factors being equal, as the price of a good or service increases, consumer ...
  2. Cost Of Debt

    The effective rate that a company pays on its current debt. This can be measured in either before- or after-tax returns; ...
  3. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  4. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  5. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  6. Society for Worldwide Interbank Financial Telecommunications ...

    A member-owned cooperative that provides safe and secure financial transactions for its members. Established in 1973, the ...
Trading Center