Mobile operators awaiting strengthening of EGP against USD to repatriate profits to their parent companies
Mobile network operators (MNOs) in Egypt have reportedly postponed the repatriation of profits to their parent companies until the EGP picks up against the USD, according to an unnamed source in one of the MNOs. MNOs expect the EGP/USD rate to settle at cEGP11.0 by 1H17, as Egypt receives the second tranche from the IMF loan. Orange Egypt and Etisalat Misr usually repatriate their profits to their parent companies in March, while Vodafone Egypt (VFE) does so in June. (Al Mal)
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