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Egypt Wednesday approved the raise of civil servant minimum wage from EGP 2,000 to EGP 2,400 (153 U.S. dollars) pending parliament approval. Under the same decision, the minimum salary of the highest-grade civil servant will also increase to EGP 8,400, Read more
The Egyptian Central Bank dropped the Egyptian Pound’s (EGP) value by 48% and raised interest rates by 300 basis points for “one night only” as part of its efforts to re-balance the currency market. The decision has already yielded some Read more
Egyptian Prime Minister Sherif Ismail informed the parliament that the country’s debt has soared to around $293 billion (EGP 2.3 trillion) almost a year after the Central Agency for Public Mobilization and Statistics stated in a March 2015 report that Read more
A source at the Central Bank of Egypt (CBE) has ruled out plans to devalue the country’s currency as the state continues to struggle with meeting the demands of businessmen through tri-weekly US dollar auctions while balancing foreign reserves. Investment Read more
Egypt announced Thursday injection of additional $32 million to improve security in tourism resorts and archeological sites across the country following two attacks on tourists in January. Egyptian Minister of Tourism Hisham Zaazou announced the series of measures including installation Read more