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Wednesday, 23 November 2016

Royal Jordanian pushing to repatriate EGP 70 mn

Royal Jordanian (RJ) airlines are looking to repatriate EGP 70 mn in revenues tied down in Egypt with the help of the International Air Transport Association (IATA). RJ said it has been able to transfer less than 5% of its funds since last June and has suggested to the Central Bank of Egypt that it can sustain the difference in the EGP-JOD exchange rate if it was allowed to transfer its revenues. A number of airlines, including KLM and British Airways, had expressed concerns earlier this month that the value of their funds stuck in Egypt plunged by nearly 50% post the float of the EGP. Airlines have been complaining to IATA for months that they’ve been unable to repatriate funds, prompting KLM to announce it will stop flights to Egypt this coming January.

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