News

Egypt Approves ‘Gradual’ Repatriation of International Airlines’ Revenues to Avoid Suspension

Egypt Approves ‘Gradual’ Repatriation of International Airlines’ Revenues to Avoid Suspension

airport

The Egyptian government has approved measures to solve international airlines’ issues with repatriating their revenues from ticket sales to Egypt due to the country’s foreign currency restrictions.

According to Al-Borsa, the head of the Tourism Advisory Council’s aviation committee Gehad Al Ghazaly said that the government has decided to allow the repatriation of 25 percent of Air France-KLM and Saudi Airlines’ revenues, worth EGP 30 million and EGP 250 million, respectively. British Airways will also receive 50 percent of its revenues.

The remainder of the airlines’ revenues will be repatriated over a period of three to six months, in accordance with an agreement reached between the airlines and the Central Bank of Egypt.

The head of the Egyptian Travel Agents Association Elhamy El Zayat had previously said the total amount of foreign airline revenues currently trapped in Egypt is USD 480 million.

Earlier this week, a number of international airlines had threatened to suspend their ticket sales to Egypt due to these repatriation issues and British Airways decided to only allow tickets to be purchased using credit cards in order to avoid further problems.

The trouble with repatriating profits is a result of harsh restrictions put in place by the CBE in an attempt to curb the depletion of the country’s foreign currency reserves, which have gone down more than 50 percent since the 2011 ouster of Hosni Mubarak.

Egyptian authorities are currently attempting to revive the flow of tourism – once the country’s main source of foreign currency – but a string of security incidents, most notably the downing of the Russian plane last October and thebrutal murder of Italian student Giulio Regeni in January, has significantly hampered said efforts.

Cairo's Upscale Gezira Club to 'Force' Nannies to Wear Uniforms
Egyptian Student Who 'Threatened Trump' Chooses to Leave the U.S. Voluntarily

Subscribe to our newsletter


News

More in News

Netflix Releases a Teaser for its First Arabic Original Show ‘Jinn’

Nour EltiganiMay 22, 2019

First Time For Arabic Novel In Translation To Win Man Booker International Prize

Egyptian StreetsMay 22, 2019

Mubarak: Trump’s Peace Deal Can Blow Up the Region

Egyptian StreetsMay 20, 2019

Egypt’s Minister of Tourism Goes to the Pyramids with the Tourists from the Bus Explosion

Egyptian StreetsMay 20, 2019

AI to Boost Egypt’s GDP by 7.7% in 2030: Minister of Higher Eduction Predicts

Egyptian StreetsMay 19, 2019

Explosion Reported Near Grand Egyptian Museum

Egyptian StreetsMay 19, 2019

Egypt’s New Rod-Al Farag Axis Bridge Receives Guinness World Record Certificate

Egyptian StreetsMay 18, 2019

‘Direxiona’: Egyptian Platform for Female Driving Instructors Wins First Prize in AFD Competition

Egyptian StreetsMay 17, 2019
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.