Monetary Policies of the Bahri Mamluks and their Implications on the Economic Conditions in Egypt (648 AH/783 AD/ 1250 AD- 1382 AD)

Abstract

The research seeks to investigate monetary policy and its impact on the Egyptian economy during the Bahri Mamluks state’s reign (648 AH to 783 AH/1250 to 1382 AD), outlining the policy's components, relevant factors, and outcomes. The study revealed that the Bahri Mamluks State's monetary policy was influenced by political factors such as rivalries among princesses, the danger of the Mongols and the Franks, economic factors such as gold and silver scarcity, and natural factors such as the flooding of the Nile. Moreover, the absence of proper supervision and a uniform system for executing these policies resulted in a series of breakdowns. Excess copper coinage issued at the time also played a significant impact in shaping these policies. In particular, during the reigns of Dahir Baybars (658-676 AH/1259-1277 AD) and al-Nasir Muhammad ibn Qalawun (709-741 AH/1309-1341 AD), the Bahri  Mamluks made an effort to regulate the production of currency by strictly adhering to the legitimate coinage specifications such as measures and weights. However, due to the ambitions of sultans and other senior politicians and the policies of monopolizing gold and silver, that only persisted for a short time. Additionally, fraud and counterfeiting hampered currency issuance, and market and public sentiment weren't considered.