President Abdel Fattah al-Sisi has raised the monthly minimum wage by 50% to $194 to take effect in March. The move comes at a time when Egypt is on a pound devaluation watch. Some analysts said a 200 basis point interest rate hike by the central bank last week may indicate a devaluation is on the way. Sisi also directed the government to raise the tax threshold by 33% for all employees in the public and private sectors, the presidency statement said. The International Monetary Fund said on Thursday it had agreed with Egypt on the key policy components of an economic reform programme, in a further sign that a final deal to augment a $3 billion loan is nearing completion. Egypt has been suffering from a slow-burning economic crisis and chronic shortage of foreign currency and has been in talks with the IMF for the last two weeks to revive and expand the loan agreement signed in December 2022.
SOURCE: REUTERS
