Egypt Independent

Central Bank official: No maximum wage for public banks’ leaders



A maximum wage for the leaderships of the Central Bank of Egypt (CBE) and the presidents of public banks has not been determined or negotiated, said Hisham Ramez, CBE deputy governor.

In statements to Al-Masry Al-Youm on Monday, Ramez said recent amendments to banking laws have not included a minimum and maximum wage for banking employees.

He added that under the new law, public banks must disclose the sum of the salaries of their top 20 officials, without revealing how much each gets paid.

The CBE recently submitted the draft law on banks to the government and the Supreme Council of the Armed Forces for approval.

Official information about the salaries of Egyptian bank heads is generally lacking, however, the salaries of some bank presidents are said to exceed LE1 million a month.

The government on Monday proposed a draft law that would set the maximum wage at approximately LE25,000 per month.

Translated from the Arabic Edition