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Wednesday, 1 June 2016

Government makes good on promise to allow airlines to repatriate funds

British Airways has been able to repatriate EGP 40 mn in revenues booked in Egypt between October 2015 to March 2016 under an agreement with the Central Bank of Egypt that would which would allow airlines to repatriate 50% of their revenues, Al Borsa reports. Lufthansa has reportedly repatriated USD 15 mn, and Air France-KLM has also been able to repatriate. A source from Etihad Airways tells Al Borsa that the company was able to repatriate 25% of its revenues. Emirates Airlines did not specify its takings, but stated that it was not focusing on repatriating revenues at this time. Back in March, the government approved the repatriation of 50% of British Airways (BA) earnings in Egypt, 25% of Air France’s, and 25% of Saudi Airlines’, in an agreement meant to avoid the airlines suspending EGP payments on tickets.

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