Egypt’s president raises minimum monthly wage to around $172

CAIRO (AP) — Egypt’s president has raised the minimum monthly wage to about $172, a move meant to ease the burdens of Egyptians hurt by painful austerity measures in recent years. He said the minimum monthly wage in the country would be 2,700 Egyptian pounds, or about $171.5. That’s a 12.5% increase from the current 2,400 Egyptian pounds, about $152.5. This is the third time el-Sissi increased the minimum wage since he took office in 2014. The announcement came after el-Sissi met Tuesday with the prime minister, finance minister and other financial officials to discuss the next budget.