McDonald’s has recently opened a new branch in Egypt, bringing its total number of branches in the country to 100, covering several governorates, including Cairo, Giza, Alexandria, Hurghada, Port Said, Mansoura, Gharbia, Sharqia, Assiut, Minya, and others.
The first McDonald’s branch in Egypt opened in October 1994 in the Mohandessin area of Giza, simultaneously with another branch in Heliopolis, Cairo.
Interestingly, the price of the Big Mac meal in Egypt costs $3.39 (EGP 60), compared to $7 (EGP 129) in the United States, specifically in Washington DC. This means that the price of the Big Mac meal in Washington DC is 116 percent more expensive than it is in Cairo.
The monthly minimum wage in the U.S. is $1,200, an equivalent of EGP 21,207, given the dollar’s exchange rate at EGP 17.640. On the other hand, the monthly minimum wage in Egypt is $67.90, an equivalent of EGP 1,200.
In Egypt, the exchange rate was liberalized by the Central Bank of Egypt (CBE) in November 2016, causing the value of the Egyptian pound to depreciate and the value of the U.S. dollar to fluctuate for several months before reaching a fairly stable state. The difference in the price of the two currencies has resulted in more price hikes of several basic and luxury goods for Egyptian citizens.
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This article has been adapted from its original source.
