You'll be signed off in 60 seconds due to inactivity

English news

08-Dec-2016

Foreign companies said to refuse profit repatriation at current exchange rates

Foreign companies, including international airlines, are reportedly refusing to repatriate profits from Egypt at the current exchange rate. Profits held in the country were worth nearly twice in USD-terms prior to the EGP float, they said, which discounts 50% from the value they would repatriate. KLM Airlines had confirmed that it would temporary halt its flights starting 8 January on profit repatriation problems. Lufthansa Airlines is considering to sell its tickets in EGP, or through credit cards, as a preliminary step to exit the Egyptian market if the problem is not resolved. (Al Mal)

Learn more about the cookies we use.