IATA warns Egypt against holding on to foreign airline revenues
The International Air Transport Association (IATA) said in a statement that it is working with Egyptian authorities to find a practical solution to release foreign currency to airlines in order to avoid any unintended, detrimental effects on the country’s aviation industry. In June, IATA had warned Egypt that airlines could stop flying to Egypt if they were not able to remit local sales revenue. Egypt currently owes USD250mn worth of local ticket sales to international airlines, down from USD291mn owed in June, according to the IATA. (Gulf News)
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