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Al-Araby
Al-Araby
Egypt raised the minimum wage in the public sector from 2,400 ($130) to 2,700 Egyptian pounds ($146), starting from 1 April, the Egyptian Prime Minister Mostafa Madbouly announced on Sunday. The move came in response to the rising cost of living in Egypt, fuelled by the devaluation of the Egyptian currency. On March 21, the Egyptian pound plunged by nearly 17 percent in value against the US dollar, reaching 18.22 pounds to the dollar. This was its sharpest devaluation since 2016 – when it lost nearly half its value against the dollar overnight. The currency has remained roughly stable since: o…