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Hence the Egyptian and Turkish units split from each other in value, with the Egyptian unit continuing its exchange value of 97.5 piastres to the pound sterling. In 1885, Egypt went into a purely gold standard , and the Egyptian pound unit, known as the juneih , was introduced at E£1 = 7.4375 grammes of fine gold.
The piastre was based on the Turkish kuruş, introduced while Egypt was part of the Ottoman Empire. As in Turkey, debasement lead to the piastre falling significantly in value. 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 ...
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.
Hence the name piastre referred to two distinct kinds of coins in two distinct parts of the world, both of which had descended from the Spanish pieces of eight. Because of the debased values of the piastres in the Middle East, these piastres became subsidiary units for the Turkish, Lebanese, Cypriot, and Egyptian pounds. [1]
The currency weakened to beyond 50 Egyptian pounds to the dollar - far beyond previous records - from about 30.85 pounds, a level Egypt has for months tried to defend. It closed at 49.4 to the dollar.
The Egyptian pound is divided into 1,000 milliemes, 10 milliemes equal 1 piastre (25 piastres is the smallest currently-minted coin). The Tunisian dinar is divided into 1,000 millimes (10 millimes is the smallest currently-minted coin).
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Missouri executed death row inmate Christopher Leroy Collings on Tuesday, 17 years after he confessed to raping and killing his friend's 9-year-old stepdaughter. Collings, 49, was executed by ...
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