Local Egyptian markets rely on cash, with small notes key for easy bargaining and buying. Ahmad Ajmi / Unsplash
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8 Need to Know About Egyptian Currency
The Egyptian pound, locally called “geneih masri” (جنيه مصري), traces its name to the British “guinea,” a historic gold coin reflecting a blend of colonial influence and national identity.
When Egypt introduced its own modern currency during British influence in the late 19th century, the term was adopted and paired with “masri,” meaning “Egyptian,” to represent the country’s identity.
Introduced in 1834, the Egyptian pound replaced the piastre as the country’s primary currency unit, though the piastre remains in use today as a subunit (100 piastres = 1 pound). The Central Bank of Egypt oversees its issuance and regulation.
Over time, the EGP has evolved from gold- and silver-backed notes to paper money and now to modern polymer banknotes. Locally, Egyptians still refer to the currency as geneih masri, a term deeply embedded in everyday speech, symbolizing national pride and economic history.
That’s everything you need to know about Egyptian currency.
It’s always recommended to carry small change when visiting local markets or using public transport. Mahmoud Diab / Unsplash
1. Currency Denominations: Notes & Coins
Need to know about Egyptian currency, Egypt’s currency system includes both paper notes and coins, designed to reflect the country’s rich cultural and historical heritage. Paper banknotes are issued in denominations of 1, 5, 10, 20, 50, 100, and 200 Egyptian Pounds (EGP), with newer versions of the 10- and 20-pound notes now printed on durable polymer for added security and longevity.
Coins are used in smaller values and are measured in piastres, which are subdivisions of the pound (100 piastres = 1 pound). These coins are popular in daily transactions, especially for small purchases like bus fares, snacks, or tipping.
What makes Egyptian coins unique is their beautiful designs; many feature the Great Sphinx, ancient temples, and the pyramids of Giza, symbolizing the deep connection between the modern economy and Egypt’s ancient past. These artistic imprints not only serve a monetary purpose but also act as daily reminders of Egypt’s vast and enduring legacy.
2. Polymer Banknotes: The Future of Cash in Egypt
Egypt has recently introduced polymer banknotes for the 10- and 20-pound denominations, marking a step forward in the country’s currency modernization. Unlike traditional paper notes, these polymer notes are made from a durable, plastic-like material that makes them far more resistant to wear and tear, moisture, and dirt.
This enhanced durability means they last much longer in circulation, reducing the need for frequent replacements and lowering overall costs. Additionally, polymer notes incorporate advanced security features that make them harder to counterfeit, helping to protect the economy from fraud.
In addition to being more durable and secure, polymer banknotes are also eco-friendly, as they consume fewer resources during production and are fully recyclable at the end of their use. With the shift to polymer notes, Egypt is embracing a modern, sustainable approach to currency, enhancing both environmental responsibility and user convenience for locals and tourists.
3. Cash is King: Currency Use in Daily Life
In Egypt, cash remains the dominant method of payment, especially in everyday situations where digital or card payments are uncommon. It’s essential to carry small denominations of Egyptian pounds, such as 5s, 10s, and 20s, as many local vendors, taxi drivers, and food stalls often don’t have change for larger notes.
Whether you’re bargaining in a bustling street market, grabbing a quick falafel from a roadside cart, or paying for a short taxi ride, small bills make transactions smoother and faster. and this is the best things to know before traveling to Egypt.
Tipping, known locally as “baksheesh,” is also a common part of daily life offered to service workers, guides, and even restroom attendants and is typically given in coins or low-value notes. While larger businesses and hotels in urban areas may accept cards, in most parts of Egypt, having cash on hand, especially in smaller amounts, is not just helpful; it’s essential for a hassle-free experience.
4. Currency Exchange: What Tourists Should Know
For travelers visiting Egypt, knowing where and how to exchange money is key to a smooth trip. The safest and most reliable places to exchange currency are banks, official currency exchange offices, and ATMs, which are widely available in cities, airports, and tourist areas.
ATMs connected to international networks often offer fair exchange rates and are convenient for withdrawing local currency directly. While airport kiosks are handy upon arrival, they may offer slightly lower rates compared to city banks or exchange bureaus. Need to know about Egyptian currency that tourists should be cautious of the black market, which may offer tempting rates but is illegal and risky; it can involve counterfeit money or scams.
The most widely accepted foreign currencies for exchange in Egypt are the U.S. dollar (USD), euro (EUR), and British pound (GBP), all of which typically fetch better rates and are convertible. Always count your money before leaving the counter and keep the receipt, as it may be required for re-exchanging currency when departing the country.
Egyptian coins iconic symbols like the Sphinx and ancient pharaohs, blending modern currency with rich heritage. Abdulla / Pexels
5. EGP vs Global Currencies
The Egyptian Pound (EGP) has seen considerable fluctuations over the years when compared to major global currencies like the U.S. Dollar (USD) and the Euro (EUR). Due to various economic challenges, including inflation, rising import costs, and global market pressures, the EGP has gradually decreased in value.
Travelers often find Egypt an affordable destination, as their foreign currency can go a long way. However, for locals, the weakening pound has led to higher living costs and reduced purchasing power, especially for imported goods.
Egypt’s central bank occasionally devalues the currency as part of economic reforms or agreements with international lenders like the IMF, aiming to stabilize the economy and boost exports.
6. Mobile Payments and Cards in Egypt
While Egypt is gradually embracing digital payments, the use of debit and credit cards is primarily concentrated in urban areas, such as Cairo, Alexandria, and major tourist destinations like Luxor and Sharm El-Sheikh. In these cities, hotels, shopping malls, upscale restaurants, and large supermarkets commonly accept cards and even support mobile wallets like Apple Pay or local fintech apps.
However, the situation changes in rural regions and traditional markets, where cash remains king. In small towns, street vendors, local eateries, taxis, and souks often lack the infrastructure for card transactions, making it difficult to rely on plastic or digital payment alone.
Mobile banking and fintech are growing, especially among younger Egyptians, but adoption is still limited outside of major cities. For travelers, it’s best to use cards where available, but always carry cash, particularly small denominations for everyday purchases, tips, and transport in less-developed areas.
7. Currency Tips for Travelers
While Egypt is gradually embracing digital payments, the use of debit and credit cards is primarily concentrated in urban areas, such as Cairo, Alexandria, and major tourist destinations like Luxor and Sharm El-Sheikh. In these cities, hotels, shopping malls, upscale restaurants, and large supermarkets commonly accept cards and even support mobile wallets like Apple Pay or local fintech apps.
However, the situation changes in rural regions and traditional markets, where cash remains king. In small towns, street vendors, local eateries, taxis, and souks often lack the infrastructure for card transactions, making it difficult to rely on plastic or digital payment alone. Mobile banking and fintech are growing, especially among younger Egyptians, but adoption is still limited outside of major cities.
For travelers, it’s best to use cards where available but always carry cash, particularly small denominations for everyday purchases, tips, and transport in less-developed areas.
Need to know about Egyptian currency, Egypt now prints 10 and 20-pound notes in durable, secure polymer material. Hamed Taha / Unsplash
8. Fun Facts About Egyptian Currency
Egyptian currency is not just a medium of exchange; it’s also a canvas of the country’s history, culture, and identity. Need to know about Egyptian currency where Many banknotes feature intricate Islamic architecture, including famous mosques like the Mosque of Muhammad Ali and Sultan Hassan Mosque, reflecting Egypt’s deep religious and artistic heritage.
Some older notes, especially from the 20th century, have become rare collectibles, valued by numismatists for their unique designs and limited print runs. For instance, vintage piastre notes or bills with printing errors can be worth far more than their face value. Even the smallest coin may carry a symbol of Nefertiti or a pyramid, making every transaction in Egypt feel like a small journey through its storied past.
Official Egypt government websites
Everything You Need to Know About Egyptian Currency
The official website for Egyptian currency is maintained by the Central Bank of Egypt (CBE). You can access it at www.cbe.org.eg. This site provides comprehensive information on the Egyptian Pound (EGP), including current exchange rates, monetary policy updates, financial regulations, and details about currency issuance. For instance, the CBE has issued polymer banknotes for the 10 and 20-pound denominations, enhancing durability and security.
FAQs
1. Are polymer banknotes used in Egypt?
Yes, Egypt has introduced polymer notes for the 10 and 20-pound denominations for improved durability and security.
2. Can I use foreign currency in Egypt?
In tourist areas, some businesses may accept USD, Euro, or GBP, but it’s best to pay in EGP, especially in local markets and for transport.
3. Where can I exchange currency in Egypt?
You can exchange money at banks, ATMs, hotels, and official exchange offices. Avoid street or black-market exchanges.
4. Is it better to bring cash or cards?
Bring a mix of both. Cash is essential for daily expenses, especially small bills. Cards are accepted in cities and hotels.
5. How can I avoid counterfeit money?
Use official exchange outlets and always check security features like watermarks, clear windows, and raised ink on notes.
6. Do I need to tip in Egypt?
Yes, tipping (baksheesh) is a common custom. Use small denominations for tips in restaurants, hotels, and for services.
7. Is it easy to withdraw money from ATMs in Egypt?
Yes, ATMs are widely available in cities and airports. Make sure your card is activated for international use.
8. Can I take Egyptian currency out of the country?
There are limits on how much EGP you can carry when leaving Egypt. It’s best to exchange excess currency before departure.
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