Egyptian Pound

The Egyptian pound is the currency of Egypt. It is divided into 100 piasters or 1,000 milliemes. The pound is abbreviated as LE or L.E. which stands for livre égyptienne (French for Egyptian pound). The pound was introduced in 1834, replacing the Egyptian dinar. The Egyptian pound is also sometimes called the Genuine. The Egyptian pound was initially pegged to the British pound sterling at par. It was devalued in 1941 and again in 1949. The pound was devalued again in 1955 and a new peg of £1 = E£1.75 was established. The pound was devalued again in 1961, and a new peg of £1 = E£2 was established. The pound was devalued again in 1972 and 1973, and a new peg of £1 = E£3.50 was established. The pound was floated on 8 November 2016. The Egyptian pound is used in Egypt, Sudan, and South Sudan. The Sudanese pound is also pegged to the Egyptian pound at par. The Egyptian pound is also the currency of the Gaza Strip and the Arab League.