Foreign airline companies repatriate part of their profits; 50% will be postponed
The Central Bank (CBE) availed foreign currency to foreign airline companies, including Arab airline companies. British Airlines repatriated all its dues (worth USD40mn) for October 2015-March 2016 from banks, Regional Director for Passenger Services said. Sources at KLM and Air France reported that the airlines repatriated USD12mn each. Lufthansa repatriated 100% of its profits worth USD15mn, according to sources at the company. Meanwhile, dues to foreign airline companies have reached USD480mn. The government has reached an agreement with foreign airline companies to repatriate 50% of their profits in a regular pace while postponing the remaining 50%. (Al Borsa)
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