EGP

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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).

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