Numerous public bank officials resign to protest maximum wage

Several officials in public banks submitted their resignations last week, in protest at the banking sector’s new maximum wage system, a resigned NBE official confirmed.

Banks affected by the mass resignation include the Central Bank of Egypt (CBE), Banque Misr, Banque du Caire and the National Bank of Egypt (NBE),

The NBE official said the decision should have come gradually in order “not to harm the officials who have commitments that they have to sort out”. The maximum wage system stipulates that wages should be no larger than 35 times the minimum wage, or EGP 42,000.