Egypt announced raising the salaries of all employees of the administrative apparatus, by a total of 37 billion pounds, and raising the minimum wage to 2,400 pounds.
The draft budget for the next fiscal year 2021-2022 was announced, which included an increase in the salaries of all employees of the state’s administrative apparatus.
The budget included the approval of two increases at a cost of about 7.5 billion pounds, and an increase in additional incentives, at a total cost of about 17 billion pounds.
The decisions also included the promotion of employees who meet the promotion requirements on June 30, 2021.
The Deputy Governor of the Central Bank of Egypt, Ramy Abul-Naga, said that a system for settling individual transactions in US dollars will be launched on the same day next April, after announcing the launch of the instant settlement system between Egyptian banks in foreign currencies, starting from the 22nd of this month.
In his speech to Al-Arabiya, Abul-Naga added that the one-day settlement is currently done in the Egyptian pound, and the one-day settlement will begin in dollars on the first of April, and the euro will follow.
The new system will also be used to settle checks in foreign currency, which will reduce the cost for individual customers, according to Abu al-Naga.
Yesterday, Egyptian President Abdel Fattah El-Sisi directed the Central Bank to launch a new real estate financing program for the benefit of low- and middle-income groups to support their ability to own housing units, with long-term loans of up to 30 years with a low and simple interest that does not exceed 3%.
The announcement of this approach came after a meeting during which the Governor of the Central Bank of Egypt, Tarek Amer, reviewed efforts to confront the repercussions of the Corona pandemic.
Abul-Naga explained in his speech to Al-Arabiya that this initiative is historic by the Central Bank, as he did not present an initiative for 30 years with this low interest, stressing at the same time that the interest on financing within the initiative, which amounts to 3%, is decreasing. He pointed out that this initiative includes financing worth 100 billion pounds.