Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Informed Sources Deny Devaluation of Egyptian Pound after New Social Protection Package

Wed 07 Feb 2024 | 11:12 PM
Taarek Refaat

Informed Egyptian sources denied rumors that the social protection decisions aim to pave the way for a new liberalization of the exchange rate, and confirm that the rumors aim to influence the stability of the exchange market after the decline in the price of foreign currencies during the past days, according to the “Extra News” channel.

President Sisi had directed the largest urgent social protection package to be implemented starting next month.

The package includes raising the minimum wage by 50% to reach 6 pounds per month

Ahmed Fahmy, the official spokesman for the Presidency stated that there are important decisions by President Abdel Fattah El-Sisi to ease the living burdens on citizens.

Meantime, the official rate for USD/EGP is between EGP 30.8 and 30.9 ; while on the parallel market it is EGP 62.5-63.5, after dropping from EGP 70 earlier last week.