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Economy, Money, Banking & Taxes

Money

The currency used in Egypt is the Egyptian Pound which is divided into 100 Egyptian Piastres and uses the international currency code EGP. 1 EGP is equal to about $0.14 or £0.09.

Coins come in varieties in 5, 10, 20, 25 and 50 Piastre amounts as well as in a 1 Egyptian Pound coin.

Bank notes are available in 5, 10, 20, 50, 100 and 200 Egyptian Pound amounts.

Economy

Egypt’s economy is primarily based in Textile, Food processing, Tourism, Chemical, Pharmaceutical, Hydrocarbon, Construction, Cement, Metal and Light Manufacturing industries but also sees Crude Oil and Petroleum exported greatly, producing another additional source of revenue. However, it’s important to note that Food processing has, due to increased desertification of agricultural areas, declined significantly and continues to decline.

Banking

Egypt’s banking system works remarkably similarly to that of the western world and incorporates Current Accounts which produce less interest but more flexibility with withdrawal amounts and Savings Accounts which restrict the frequency of the user’s withdrawals but in turn provide higher interest rates. It’s important to note that the interest rates for Savings Accounts in Egypt can be two or three times the rates provided by their counterparts in the west.

Taxes

Tax in Egypt only includes Income Tax and Social Security Tax.

Income Tax is imposed on Egyptian Residents earning money from the Egyptian Government or an Egyptian Public or Private Organization or Company. An Egyptian Resident is considered to be anyone who has resided in Egypt for over 183 days (roughly six months) in a calendar year. The earned money may include an employment income, business and/or non-commercial profits, profit from immovable properties. This starts when EGP 5000 and above is being earned each month ($720 or £430, tax is applied at a rate of 10%. At EGP 20,000 ($2900 or £1700) this jumps to 15%, and again at EGP 40,000 ($5700 or £3400) to 20% before reaching the top rate of 25% at EGP 10,000,000 ($1,400,000 or £850,000).

Social Security tax is imposed at a rate of 14% up to EGP 912.50 ($130 or £78) and all amounts exceeding this are taxed at 11% instead up until EGP 1200 ($170 or £100).