Dear followers everywhere, welcome to the Banker platforms and a new analysis of the most important topics and reports presented by the Banker Research Unit today, Wednesday, February 7, 2024..
The beginning, of course, will be with President Abdel Fattah El-Sisi’s decisions today, which the Banker Unit addressed with analysis and indicators, which are regarding the social protection package, raising the minimum wage, and other decisions.
The report said that Banker had previously confirmed that there was a new package of social protection and government measures to help citizens confront high prices. In fact, President Sisi, after winning the presidential elections, directed the government to study adopting new decisions to help citizens confront high prices and protect the low-income classes.
The details said that President Sisi directed the largest urgent social protection package to be implemented starting next month, meaning next March, and includes raising the minimum wage by 50%, to reach 6 thousand pounds per month.
The President also directed the government to increase the wages of workers in the state and economic bodies, with a minimum ranging from 1,000 to 1,200 pounds per month, depending on job grade.
– Raising the minimum wage by 50%, to reach 6 thousand pounds per month.
Social protection decisions included periodic bonuses for those addressed by the Civil Service Law at a rate of 10% of the job wage, and 15% of the basic wage for those not addressed, with a minimum of 150 pounds, and a total cost of 11 billion pounds.
An additional incentive was also given, starting at 500 pounds for the sixth grade, and increasing by 50 pounds for each grade, reaching 900 pounds for the excellent grade, at a cost of 37.5 billion pounds.
Among President Al-Nahada’s new decisions is to allocate 6 billion pounds to appoint 120,000 members of the medical profession, teachers, and workers in other administrative agencies.
We also approved 15 billion pounds in additional increases for doctors, nurses, teachers, and faculty members at universities.
The decisions included allocating 8.17 billion pounds to approve an additional increase in the wages of teachers in pre-university education, ranging from 325 pounds to 475 pounds.
Allocating 1.68 billion pounds to approve an additional increase for faculty members and their assistants at universities, institutes, and research centers.
Also among the good presidential decisions today is the allocation of an amount of 4.59 billion pounds to approve an additional increase for members of the medical professions and nursing staff, ranging from 250 to 300 pounds in risk allowance for medical professions, and an increase approaching 100% in night and overnight stay allowance.
For pensioners, whose number reaches about 13 million people, it was decided to allocate a 15% increase, at a total cost of 74 billion pounds.
An increase was also paid to “Solidarity and Dignity” pensions by 15% at a cost of 5.5 billion pounds, so that the increase during the year reached 55% of the value of the pension. Allocating 41 billion pounds to “Solidarity and Dignity” pensions in the fiscal year 2024/2025.
Among the president’s decisions today, which is a joy for Egyptians, is to raise the tax exemption limit for all state employees in the government and the public and private sectors by 33%, from 45 thousand pounds to 60 thousand pounds.
The next report presented by the Banker Research Unit was regarding an analysis of the beginning of the countdown to the floating of the pound and regarding what will happen after Sisi’s decisions regarding wages and employee salary increases..
The report said that President Sisi directed the government to implement the largest urgent social package for social protection, worth 180 billion pounds, as of March 1, 2024, and the wages of state workers and economic bodies will be increased.
The report added that after the issuance of these decisions, all people are asking, “I wonder what will happen in the coming days.”
The report revealed that according to many scenarios that occurred before, social protection decisions are usually followed by a movement in the exchange rate, and you can say that these decisions will, to a large extent, be a precursor to floating the pound for the fourth time in less than two years.
Most international financial institutions have confirmed that the devaluation of the pound will occur before the end of the first quarter of 2024
Regarding the expected price of the dollar in the bank if a float occurs… the report said:
According to most estimates, the reduction is expected to be between 25 and 30 percent, and it is expected that the price of the dollar will range between 40 and 45 pounds in banks. The goal of this step is to reduce the gap between the official price of the dollar and its price on the black market.
The Banker Research Unit submitted another report related to the flotation and answers a specific question: What would you do if a flotation occurred?
The report said that the upcoming floatation will most likely be a managed or phased liberalization, meaning a not complete floatation of the pound, and if there is a floating float for sure, the advice is to invest savings quickly, whether in gold, real estate, or investment certificates that banks offered in the past period, and it is one of the safest havens in which you can invest. Your money at this time is to work on a project or participate in an existing project to ensure that your money increases and at the same time maintains its value.
The general public of Egyptians bought a lot of gold during the period that came back, and we knew this from the rates of demand in gold shops, and many people followed themselves and used their money or put it in savings certificates, but the most important thing is that people knew the policy of rationalization, whether they wanted it or it was forced upon them, and they did not spend a pound except where it was necessary and perhaps harmful. Useful.
Ras El Hekma Project
The last report submitted by the Banker Research Unit was about the treasure trove on the North Coast
The report reviewed the scale of the attack on the huge Ras al-Hikma tourism project and how Egypt was selling its land and how it sold them an area on the most beautiful beaches in the world for 22 billion dollars.. Of course, this is talk by the terraces and those who do not know the difference between investment and sale.. What is the function of the state or government other than that? It creates investment opportunities, job opportunities, and direct money injections.
The report asked the question: Why is the Ras al-Hikma project in particular subjected to a violent attack, even though it is a huge project with the usufruct system in place in Egypt and not for sale, as the attack campaigns say?
The report said that the reason for the attack was the fear that the North Coast region would turn into the capital of tourism and agencies in the world, especially after the world’s fascination with the city of New Alamein, which is in the first season, and although it is still filling people out, there is no place to sit due to the crowding and tourism, and because the region will pull the rug from other cities, the attack on it occurred. Because billions of dollars will also enter Egypt every year with the plan in place to develop and rebuild the northern coast, evil people had to attack the project.
The post first appeared on www.banker.news