Personal choices and each individual’s right to determine his fate and lifestyle was behind the mass resignations from public banks that took place following the implementation of the maximum wage, according to Deputy Governor of the Central Bank of Egypt Gamal Negm.
Egypt’s banking sector is made of steel and will not be broken by some leaders’ decisions to resign due to the application of the maximum wage of EGP 42,000, Negm said on the sidelines of a regional conference supporting funding opportunities for SMEs in the Arab world.
More than 150 banking leaders submitted their resignations in recent days in an objection to the application of a maximum wage. Banking sources say that the resignations will continue unless the government amends the maximum wage law for the banking sector.
Negm, a member of the Monetary Policy Committee, declined to answer a question regarding the administration’s vision for the coming period and what will be allowed in terms of a gradual decrease for the pound against the dollar. These efforts fall within a plan to limit imports and encourage production and manufacturing. He said: “All options are on the table for the Monetary Policy Committee.”