What is the name of currency of Egypt?
VerifiedAnswer: Egyptian Pound
Explanation:
The official currency of Egypt is the Egyptian Pound, which is also known by its Arabic name "Geneh" or "Geneih". This currency has been serving as Egypt's primary medium of exchange for many decades and plays a crucial role in the country's economy.
The Egyptian Pound is abbreviated as EGP in international markets and currency exchanges. One Egyptian Pound is subdivided into 100 smaller units called "piastres" (also spelled as "piasters"). The currency symbol used for the Egyptian Pound is £E or ج.م in Arabic script.
Egypt's currency comes in various denominations to facilitate daily transactions. The banknotes are available in denominations of 5, 10, 20, 50, 100, and 200 pounds, while coins are issued in denominations of 25 and 50 piastres, as well as 1 pound. The design of Egyptian currency often features important historical figures, ancient monuments, and cultural symbols that represent the rich heritage of this ancient civilization.
The Central Bank of Egypt is responsible for issuing and regulating the Egyptian Pound. This institution manages the country's monetary policy and ensures the stability of the currency in both domestic and international markets. Understanding Egypt's currency is important for students studying world geography, international trade, or planning to learn about different countries and their economic systems.
