• 17:23
  • Monday ,12 December 2016
العربية

The prices are going down in Egypt

Mena Habeeb

Article Of The Day

00:12

Friday ,09 December 2016

The prices are going down in Egypt
Talking about the prices in Egypt, everybody will say that prices are increasing in Egypt and the people are suffering more and more. However, these are not the prices  I meant in the title. The prices that are going down in Egypt are the prices of the workers.
 
The floating of the Egyptian pound caused the prices to increase, but such increase was not reflected on the wages. The US dollar prices jumped from about 8.5 LE to about 17 LE. This means that the wages are cut off by 50%. The worker who earned 3000 LE was receiving about 353$ per month couple of months ago. Now, the same worker receives about 176$ per month. The workers who work for the minimum wages of 1200 LE are now receiving 71$ per month instead of 174$ couple of months ago.
 
However the economic situation in Egypt is really bad, there are some bright sides for investment including the geographically strategic location, the cheap and relatively qualified labor force. In fact, Egypt is offering many investment opportunities to foreign companies and the government is trying to attract foreign investors. It’s time to think about investing in Egypt.