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% more expensive that it is in Cairo. The monthly minimum wage in the US 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 liberalised by the Central Bank of Egypt (CBE) in November 2016, causing the value of the Egyptian pound to depreciate and the value of the US 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. McDonald's is an American franchise founded in 1940 as a fast food restaurant operated by two American individuals in California. Currently, McDonald's is one of the world's largest restaurant chains, serving customers in more than 100 countries with nearly 36,900 outlets worldwide.
