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The historical value of one US dollar in Egyptian currency from 1789 to 2020. Figures prior to 1834, the year the pound was introduced, indicate multiples of 100 piastres. This table shows the historical value of US$1 in Egyptian currency (piastres prior to 1834, pounds thenceforth):
In 1834, a decree was realised stating the forging of an Egyptian currency based on the two metals (gold and silver). In accordance with said decree, the minting of a currency in the shape of gold and silver Riyals began. In 1836, the Egyptian pound was first introduced and it became open for public use. [4]
The Egyptian pound (EGP) has been converted to the international dollar using the IMF's Purchasing Power Parity conversion rate (one International dollar per 4.538 EGP in 2021). [ 1 ] Governorates by GDP
Egyptian pound: EGP Egypt £E or ج.م or L.E. Lebanese pound [10] LBP Lebanon £L and ل.ل [10] [11] Sudanese pound: SDG Sudan: SDG or ج.س Syrian pound [12] SYP Syria £S [13] Omani rial [14] OMR Oman: ر.ع [15] Qatari riyal [16] QAR Qatar: ر.ق [17] Saudi riyal [18] SAR Saudi Arabia: SR [19] Yemeni rial [20] YER Yemen ﷼ [21] Israeli ...
In 1834, the pound, or gineih (Arabic), was introduced as the chief unit of currency, worth 100 piastre. The piastre continues in use to the present day as a subdivision of the pound. The piastre continued to circulate, with the piastre subdivided into 40 para.
Calling the US dollar a piastre is still common among speakers of Cajun French and New England French. Modern French uses dollar for this unit of currency as well. The term is still used as slang for US dollars in the French-speaking Caribbean islands, most notably Haiti. Piastre is another name for kuruş, 1 ⁄ 100 of the Turkish lira.
Change in per capita GDP of Egypt, 1820–2018. Figures are inflation-adjusted to 2011 International dollars. From the 1850s until the 1930s, Egypt's economy was heavily reliant on long-staple cotton, introduced in the mid-1820s during the reign of Muhammad Ali (1805–49) and made possible by the switch from basin irrigation to perennial, modern irrigation. [25]
This exchange value of 97.5 piastres to the pound sterling continued until the early 1960s when Egypt devalued slightly and switched to a peg to the United States dollar, at a rate of E£1 = US$2.3. The Egyptian pound continued with its exchange rate of £E = £1 0s 6d sterling until the beginning of the 1960s.