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Monday, 4 July 2016

Hajj prices being revised to match parallel market exchange rate

The Ease-of-Doing-Business Committee at the Tourism Companies Chamber of Commerce is revising the price of Hajj packages to match the parallel market SAR rate, Al Shorouk reported. There is no final price on the market now, a member of the chamber said, as the CBE has not provided them with sufficient SAR liquidity. The chamber says the repricing is needed to pay for the accommodation costs in Saudi Arabia, which are SAR-denominated. The prices mandated by the Tourism Ministry assume an exchange rate of EGP 2.35 per SAR 1.00, but the rate on the parallel market is now closer to EGP 2.90 per SAR 1.00, the head of the chamber said.

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