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Air France-KLM revenue stuck in Egypt amid dollar crisis

Air France-KLM has urged Egypt to release upward of EGP100m (US$13m) in revenue it is unable to repatriate due to an acute dollar shortage, saying the delays were making it increasingly difficult to operate in the country. Cees Ursem, Egypt country manager, said the airline had been unable to transfer earnings out of the country since October and had last week asked the tourism minister and central bank governor to help resolve the delays. There was no immediate comment from the central bank. “All the foreign carriers they have the same problem,” Ursem said. “It is a very, very serious problem because all our revenues are blocked at the bank, but at the same time we do have all the same costs ongoing like leasing the aircraft, the fuel, the staff, overflying rights, ground…which have to be paid in dollars.” <br/>