Egypt raises civil servants’ minimum wage amid currency devaluation 

Egyptian Prime Minister Mostafa Madbouly yesterday raised the minimum wage for all state employees by $16 amid a major local currency devaluation.

Local media reported that Madbouly’s decision included a raise from 2,400 Egyptian pounds ($131) to 2,700 pounds ($147.43).

“The monthly minimum wage for the superior degree jobs will stand at 8,700 pounds ($474.94), high degree jobs at 6,300 pounds ($343.92), general manager level at 5,100 pounds ($278.39), and the first degree jobs at 4,500 pounds ($245.56),” the decision read.

Egypt has in recent week witnessing an economic crisis, which has led to a further currency devaluation against the US dollar, declining from 15.5 to 18.5 Egyptian pounds.

In recent days, the Central Bank of Egypt said that its net foreign reserves had declined to $37.082 billion at the end of March from $40.99 billion in February, marking a $3.908 billion drop.

READ: Egypt’s urban inflation accelerates to 10.5% in March