Exchange Rate Of Egyptian Pound To Us Dollar
The Egyptian pound is the official currency of Egypt. It is abbreviated as EGP and is divided into 100 piastres. On the other hand, the US dollar is the official currency of the United States and is abbreviated as USD.
History of the Egyptian Pound
The Egyptian pound was introduced in 1834, replacing the piastre as the official currency of Egypt. In 1885, Egypt became part of the British Empire and the Egyptian pound was pegged to the British pound at a rate of 1 EGP to 0.975 GBP.
After Egypt gained independence in 1922, the pound was pegged to the US dollar at a rate of 1 EGP to 2.5 USD. This remained the exchange rate until 1962 when the pound was devalued to 1 EGP to 1.5 USD.
Factors Affecting the Exchange Rate
The exchange rate of the Egyptian pound to the US dollar is affected by several factors such as inflation, political instability, and changes in the global economy.
Inflation can lead to a decrease in the value of the Egyptian pound, as it reduces the purchasing power of the currency. Political instability can also have a negative impact on the exchange rate, as it can lead to a decrease in foreign investment and a decrease in demand for the currency.
Changes in the global economy can also affect the exchange rate, as they can lead to a change in demand for the currency. For example, if there is an increase in demand for Egyptian goods, there may be an increase in demand for the Egyptian pound, leading to an increase in its value.
Current Exchange Rate
As of June 2021, the exchange rate of the Egyptian pound to the US dollar is approximately 15 EGP to 1 USD. This means that 1 US dollar is equivalent to 15 Egyptian pounds.
The exchange rate can change on a daily basis, depending on a variety of factors. It is important to keep track of the exchange rate if you are planning to do business or travel to Egypt.
Conclusion
The exchange rate of the Egyptian pound to the US dollar is an important factor in the economy of Egypt. It is affected by several factors, including inflation, political instability, and changes in the global economy.
As of June 2021, the exchange rate stands at approximately 15 EGP to 1 USD. It is important to keep track of the exchange rate if you are planning to do business or travel to Egypt.