IATA presses Egypt to release blocked airline revenues
IATA is urging the Egyptian govt to relax restrictions on foreign currency transfers that have resulted in international airlines being unable to repatriate income from ticket sales. The restrictions imposed in March 2016 have resulted in some US$275m in foreign exchange funds transfers from Egypt being blocked. According to IATA, following negotiations between some of its member airlines, the Egyptian Civil Aviation Authority and the Central Bank of Egypt, agreement has been reached to release some $240m in funds, but the terms under which the remaining amount could be released are still in question. “Airlines struggle to provide vital connectivity if they are not able to recover revenues which are essential to covering their costs,” said IATA. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-08-30/general/iata-presses-egypt-to-release-blocked-airline-revenues
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IATA presses Egypt to release blocked airline revenues
IATA is urging the Egyptian govt to relax restrictions on foreign currency transfers that have resulted in international airlines being unable to repatriate income from ticket sales. The restrictions imposed in March 2016 have resulted in some US$275m in foreign exchange funds transfers from Egypt being blocked. According to IATA, following negotiations between some of its member airlines, the Egyptian Civil Aviation Authority and the Central Bank of Egypt, agreement has been reached to release some $240m in funds, but the terms under which the remaining amount could be released are still in question. “Airlines struggle to provide vital connectivity if they are not able to recover revenues which are essential to covering their costs,” said IATA. <br/>
