CAIRO, May 29 (Reuters) - Egypt's cabinet approved raising the minimum income tax threshold to 7,200 Egyptian pounds ($398) a year from 6,500 pounds, Deputy Finance Minister for fiscal policies, Amr al-Munir told a news conference on Monday.

The decision has yet to be approved by parliament. ($1 = 18.0950 Egyptian pounds)

(Reporting by Ehab Farouk; Writing by Asma Alsharif) ((asma.alsharif@thomsonreuters.com; +20225783290; Reuters Messaging: asma.alsharif.reuters.com@reuters.net))