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Wednesday, 26 October 2016

Tourists must pay for accommodation in FX

As the EGP continues to weaken, tourists must now pay for their accommodations in foreign currency or submit a receipt to hotels that their EGP was exchanged at a state-owned bank, said Tourism Minister Yahia Rashed, according to Al Borsa. The move is meant to allow hotels to earn FX — and to keep USD outside the hands of parallel market speculators, said the minister. Resident foreigners, however, will be able to pay in EGP. As our legal experts are off to bed for the night, we cannot confirm whether enforcing payment in FX in Egypt for anything other than casinos is legal. It used to be that non-resident foreigners had to pay a foreigner rate, but even that was in EGP, so far as we recall.

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