The Egyptian pound was introduced after the takeover of Egypt's administration by the Brits (1885). The new currency was based on the popular Austrian Maria Theresa taler at 20 piasters. 1 pound was divided into 100 qirsh (or piasters), while 1 qirsh equaled 40 para. In 1916 the Egyptian currency was decimalized; henceforth was 1 Egyptian pound = 100 qirsh = 1000 millèmes.