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Sunday, 5 June 2016

Airlines still face difficulties repatriating funds from Egypt

Airlines still face challenges repatriating receipts from ticket sales, with the volume of funds stuck in the country “steadily growing,” the International Air Transport Association (IATA) said on Friday, according to Gulf News. Egypt is blocking the repatriation of USD 291 mn, IATA said, warning that the restrictions could prompt airlines to start cutting flights. “The sort of measures the airlines can take is they can stop selling in the country, only sell through their websites and people pay with a [USD] credit card [or a] foreign exchange credit card, and then of course traffic suffers and falls off and airlines are forced to cut capacity and reduce frequency,” IATA director-general Tony Tyler said at a media briefing at the group’s annual industry meet in Dublin.

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