The EGP or Egyptian pound is the official currency of the Arab Republic of Egypt. The currency has been used since 1834, after the replacement of the Egyptian piastre. The Egypt currency carried a fixed rate bimetallic (composed of gold and silver) standard.
After that, it was pegged to the British pound. The Central bank of Egypt started to control the circulation of the Egyptian pound and tied it to the USD in 1962. After the devaluation of the EGP, the Central bank of Egypt began to manage the floating rate in 2001. The regulator controlled the Egyptian pound’s exchange rate until 2016.
In 2016, the bank devalued its currency as a part of a loan deal by the IMF. This deal included a repatriation mechanism, which allowed foreign investors to withdraw their foreign currency. The repatriation program was ended in 2018. It allowed the EGP to fluctuate freely against the USD.
2020-07-23 • Updated