Converting from Egyptian Pound (EGP) to Israeli Shekel (ILS)

What is Egyptian Pound (EGP)

The Egyptian Pound (EGP) is the official currency of Egypt. It is abbreviated as EGP and often displayed with the symbol “£” or “ج.م.” in Arabic. The pound was first introduced in Egypt in the late 19th century, replacing the Egyptian piastre.

The EGP is subdivided into 100 piasters, allowing for finer transactions and making it easier for small purchases. The currency is issued and regulated by the Central Bank of Egypt. Over the years, the Egyptian Pound has been subject to various economic changes, leading to fluctuations in its exchange rate.

When considering the EGP in the context of international trade, it’s essential to note how the currency differs in value compared to other currencies, such as the Israeli Shekel. Over the past few years, the EGP has experienced both appreciation and depreciation due to economic reforms, inflation rates, and global market conditions.

What is Israeli Shekel (ILS)

The Israeli Shekel (ILS) is the official currency of Israel. Its symbol is “₪,” and it is generally referred to as the shekel. The term "shekel" has historical roots, tracing back to ancient times when it was used to represent a weight measure of silver. In its current form, the shekel was adopted in the modern state of Israel in 1985, replacing the Israeli pound.

The shekel is also subdivided into 100 agorot, which are used for smaller transactions. The currency is managed by the Bank of Israel, which plays a crucial role in maintaining economic stability within the country. Like the EGP, the shekel is influenced by various factors, including market demand, geopolitical events, and inflation rates.

Converting EGP to ILS

When converting EGP to ILS, it’s essential to use the most current exchange rates, as they can fluctuate due to economic conditions. The exchange rate can be represented using the formula:

Amount in ILS = Amount in EGP × Exchange Rate (EGP to ILS)

For instance, if you have 100 EGP and the current exchange rate is 0.12 ILS for each EGP, the conversion would be:

Amount in ILS = 100 EGP × 0.12 ILS/EGP = 12 ILS

To find the most accurate and up-to-date rates for converting EGP to ILS, it is recommended to check reliable financial news sources, banks, or currency exchange platforms. Keep in mind that transaction fees may apply when exchanging currencies, so it’s wise to consider those costs in your overall budget.

In conclusion, understanding the Egyptian Pound and Israeli Shekel, along with their current exchange rates, is crucial for anyone looking to exchange currency between these two nations.