From the historic Gold Pound to modern Digital Wallets: The story of Egypt's financial backbone.
The Egyptian Pound (EGP) is not just a medium of exchange; it is a symbol of national sovereignty dating back to the 19th century. Supported by a robust banking sector that originated with the National Bank of Egypt in 1898, the country's financial system has evolved to embrace global standards, ensuring stability for trade, investment, and daily life.
Before the invention of coined money, Ancient Egyptians used a sophisticated value system called the Deben. A Deben was a standard weight (about 91 grams) of copper, silver, or gold. Goods were priced in Debens, but paid for in goods of equivalent value (barter). For example, a sack of wheat might be worth 1 Copper Deben.
This system allowed for complex trade, wage payments, and taxation thousands of years before the first coin was struck.
Local Name: "El-Geneh" (derived from the British Guinea).
History: Introduced in 1834 by Muhammad Ali Pasha. It was originally tied to gold, then Sterling, then the US Dollar, and is now a free-floating currency.
Design: Bilingual masterpieces. One side features Arabic text and Islamic landmarks (Mosques), the other English text and Pharaonic monuments.
Commemorative Coins: The Mint Authority frequently issues silver and gold coins celebrating national events like the opening of the New Suez Canal or the Pharaohs' Golden Parade.
In 2022, the Central Bank of Egypt began issuing new Polymer Notes (plastic money) for the 10 and 20 EGP denominations. These notes are more durable, cleaner, and harder to counterfeit. They feature advanced security holograms and a transparent window, marking a new era in Egyptian currency.
Egypt is home to one of the oldest stock exchanges in the Middle East.
Origins: Established in Alexandria in 1883 and Cairo in 1903. The two exchanges merged into one entity.
Role: It is a critical platform for capital raising and investment, featuring top companies in telecom, construction, and finance (EGX30 Index).
No discussion of Egyptian banking is complete without mentioning Talaat Harb Pasha.
In 1920, he founded Banque Misr, the first bank owned entirely by Egyptians. His vision was not just banking, but national economic independence. The bank funded massive industrial projects (like Misr Spinning and Weaving in Mahalla) and cultural icons (like Studio Misr for cinema), laying the foundation for the modern Egyptian economy.
Established in 1898. The oldest and largest bank in Egypt. It functioned as the central bank until 1961.
Visit Website →Established in 1920. The engine of national industry. Renowned for financing major national projects.
Visit Website →The leading private sector bank. Famous for its advanced digital services and corporate portfolio.
Visit Website →Established in 1952. A key player in micro-finance and serving the broader public.
Visit Website →One of the largest private banks, part of the Qatar National Bank group. Strong corporate presence.
Visit Website →Established in 1957. A subsidiary of Intesa Sanpaolo group. Historic roots in Alexandria.
Visit Website →The first Egyptian commercial bank to operate according to Islamic Sharia principles (1977).
Visit Website →Specializes in financing housing projects and urban expansion in new cities.
Visit Website →A subsidiary of the French group, offering innovative services for individuals and multinationals.
Visit Website →Abu Dhabi Islamic Bank. A leading provider of modern Sharia-compliant banking solutions.
Visit Website →A major international bank facilitating global trade and premium services.
Visit Website →Egyptian Gulf Bank. Known for its youth-centric programs like "MINT" for entrepreneurs.
Visit Website →Egypt is witnessing a massive leap in financial technology and green financing.