DUBAI: Egypt will raise the minimum wage for workers in the private sector by 300 Egyptian pounds ($9.72) to 3,000 pounds a month as of July, the Ministry of Planning and Economic Development said on Tuesday, according to Reuters.
The decision comes after Egyptian President Abdel Fattah El-Sisi last week appeared to rule out a further currency devaluation anytime soon following three sharp devaluations that cut the pound’s value by about 50 percent against the dollar since Russia’s invasion of Ukraine in February 2022.
Annual urban inflation accelerated to 32.7 percent in May, just short of an all-time high, while the annual core inflation rose to 40.3 percent in the same month.
The official exchange rate has remained fixed at about 30.90 pounds to the dollar for more than three months, while on the black market it has weakened to about 39 pounds to the dollar.
In April, the government raised the minimum monthly wage for state workers to 3,500 pounds.
The Ukraine war triggered an exodus of foreign investors from Egypt’s treasury markets and a severe shortage of foreign currency.
