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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 was also used in Anglo-Egyptian Sudan between 1899 and 1956, and Cyrenaica when it was under British occupation and later an ...
An exchange rate between two currencies fluctuates over time. The value of a currency relative to a third currency may be obtained by dividing one U.S. dollar rate by another. For example, if there are ¥120 to the dollar and €1.2 to the dollar then the number of yen per euro is 120/1.2 = 100.
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 CBE is expected to further cut on interest rates over 2009, with seemingly little fear on Egyptian pound depreciation resulting from decreased interest rates. Exchange rate policy The exchange rate of the US dollar to the Egyptian pound. The exchange rate has been linked to the US dollar since the 1950s. Several regimes were adopted ...
History. 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 ...
The weighing stone was uncovered in an archaeological context from Second Dynasty, in the so-called "labyrinth" building, it bears the inscription of the "friendly is the heart of Horus, director" (of the installation) "Hemsemenib". The inscribed value is of 3 deben, representing a unit of 29 grams (1.0 oz), likely the earliest copper deben. [2]
The Egyptian stock exchange plummeted 6.25% following the beginning of the Egyptian revolution of 2011 on the 25th of January. It closed at the end of trading on 27th of January after the benchmark EGX 30 Index (EGX30) plunged 16 percent that week amid the uprising. The exchange reopened on the 23rd of March after being closed for almost 8 weeks.
1 ⁄ 100 of the Lebanese pound; 1 ⁄ 100 of the South Sudanese pound (spelled "piaster") 1 ⁄ 100 of the Sudanese pound; 1 ⁄ 100 of the Syrian pound; Obsolete currencies. 1 ⁄ 180 of the Cypriot pound; 1 ⁄ 100 of the Libyan pound; 1 ⁄ 100 of the Turkish lira; Other usage A banknote of five dollars/cinq piastres from Lower Canada, 1839
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