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Economy, Currency and Banking

piastres, Foreign banks, Central Bank, joint ventures, county

Egypt's currency is the Egyptian pound, consisting of 100 piastres (3.47 Egyptian pounds equal U.S.$1; 2000 average). The Central Bank was created in 1961, when all the country's private banks were nationalized. Several specialized state-owned banks were also set up. Foreign banks were allowed to reenter the county as joint ventures with Egyptian investors in 1974 after having been forced to leave during the nationalization period. In the late 1990s the government planned to privatize one of Egypt's four giant state banks, which account for about 70 percent of total deposits. More than 80 domestic and foreign banks operate in the country.



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piastres, Foreign banks, Central Bank, joint ventures, county, government, average, account

 
 

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