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Egyptian pound
Egypt officially uses the Egyptian pound as the local currency. The pound is divided into 100 piastres.
Currency regime
The Egyptian currency officially floats against the US dollar, although it is still the case that the authorities tend to intervene to control the exchange rate and the market rate is still fairly heavily regulated. The government has also found it difficult to curb the black market during 2004 and the pound was around 5% weaker on the black market. The Egyptian currency has, however, strengthened since early 2005.
Travellers cheques are preferred in US dollars or UK Sterling.
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