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Country Profile - EGYPT

COUNTRY OVERVIEW

Known for its ancient civilisation, the Arab Republic of Egypt is the largest Arab country located in Northern Africa, bordering the Mediterranean Sea, between Libya and the Gaza Strip. It is also home to the river Nile, the longest river in Africa.

General Information:

Capital: Cairo

Language: Arabic (official), Arabic, English, and French widely understood by educated classes.

Religion: Muslim (predominantly Sunni) 90%, Christian (majority Coptic Orthodox, other Christians include Armenian Apostolic, Catholic, Maronite, Orthodox, and Anglican) 10% (2015 est.)

Currency: The Egyptian Pound. The Egyptian Pound is subdivided into smaller currency denomination known as qirsh or millimes.

Cryptocurrency: The Central Bank of Egypt issued a warning in January 2018 against the trading of cryptocurrencies, such as bitcoin, due to the extremely high risk associated with such currencies.  The Central Bank also asserted that commerce within the Arab Republic of Egypt is confined only to the official paper currencies approved by the Bank.

A proposed bill to ban the creation, trading, or promotion of cryptocurrencies without a license is said to be in the works, which could overrule its outright ban.  

GMT:  Egypt Standard Time  is ( GMT+2 ).

Egypt is in Central Africa Time Zone ( CAT ).

Despite Egypt’s mixed record for attracting foreign investment over the past two decades, poor living conditions and limited job opportunities have contributed to public discontent.

Its security situation is dynamic and the threat of terror is quite high, although it is believed that planned attacks are generally aimed at security forces or government buildings. Some tribal militias in the Sinai Peninsula cooperate with the Egyptian military against insurgent/terrorist groups such as the Islamic State. 

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