By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University
    Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University
    September 21, 2023
    GIZ, Enactus Egypt launch ‘NextGen Onboard’ programme to bridge skills gap
    GIZ, Enactus Egypt launch ‘NextGen Onboard’ programme to bridge skills gap
    September 21, 2023
    Emirati Businessman Alabbar seeks to acquire state-run real estate company in Egypt
    Emirati Businessman Alabbar seeks to acquire state-run real estate company in Egypt
    September 21, 2023
    Rolling Plus signs contract to establish tire factory with €1bn investments in SCZONE
    Rolling Plus signs contract to establish tire factory with €1bn investments in SCZONE
    September 21, 2023
    CBE to decide on interest rate on Thursday amid high inflation
    CBE to decide on interest rate on Thursday amid high inflation
    September 20, 2023
  • Politics
    PoliticsShow More
    Egyptian Health Minister highlights country's interest in local drug manufacturing
    Egyptian Health Minister highlights country’s interest in local drug manufacturing
    September 21, 2023
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    September 20, 2023
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    September 20, 2023
    Children dying in Sudan amid healthcare system collapse
    Children dying in Sudan amid healthcare system collapse
    September 20, 2023
    Egypt to announce presidential election timetable on Monday
    Egypt to announce presidential election timetable on Monday
    September 20, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Crisis of airlines money transfer from Egypt comes to an end
Share
Notification
Latest News
Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University
Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University
Business
Egyptian Health Minister highlights country's interest in local drug manufacturing
Egyptian Health Minister highlights country’s interest in local drug manufacturing
Politics Egypt
GIZ, Enactus Egypt launch ‘NextGen Onboard’ programme to bridge skills gap
GIZ, Enactus Egypt launch ‘NextGen Onboard’ programme to bridge skills gap
Business
Emirati Businessman Alabbar seeks to acquire state-run real estate company in Egypt
Emirati Businessman Alabbar seeks to acquire state-run real estate company in Egypt
Business
Rolling Plus signs contract to establish tire factory with €1bn investments in SCZONE
Rolling Plus signs contract to establish tire factory with €1bn investments in SCZONE
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Crisis of airlines money transfer from Egypt comes to an end
Business

Crisis of airlines money transfer from Egypt comes to an end

Aisha Zidane
Last updated: 2017/05/28 at 3:57 PM
By Aisha Zidane 3 Min Read
Share
SHARE

The government has ended the crisis of transferring the money of foreign airline companies working in the local market through allowing them to transfer money directly abroad; however, Arab companies are still seeking to find a way to transfer their money.

Hotel management companies said that they are not facing difficulties in transferring their funds, especially as they collect the value in dollars without a maximum limit.

Sources from Lufthansa Airlines said that the company was no longer suffering from the issue of transferring the funds that were collected from its operations because the government has allowed transferring without a maximum limit. The sources refused to disclose the value of the funds transferred.

The claims of German Lufthansa have exceeded EGP 40m. The Central Bank of Egypt (CBE) has established a limit for the transfers of foreign currencies abroad.

Elhamy El Zayat, agent of American and Korean airline companies, said that foreign companies were able to transfer all their funds in banks until the end of January 2017.

He explained that all airline companies have transferred their funds and overcame the issues they had with the government over the past period, which led to a return of the practice of selling tickets to citizens without credit cards.

He pointed out that selling tickets through credit cards has caused booking companies large losses because they allocate employees for booking and these employees usually do not have specific jobs, but the companies still pay their salaries.

Sources from Arab airline companies said that they have transferred 90% of their funds in Egyptian banks to their parent companies abroad.

Tawfik Mohktar, the director of Nile Ritz Carlton Hotel, said that hotels collect their money in dollars, and do not suffer from the money transfer crisis, because they receive the money for their services in dollars from foreign guests.

The Ministry of Tourism obliged hotels to collect the money for their services from guests in dollars in order to maintain the revenues of the sector. When accommodation bills are paid in Egyptian pounds, papers must be provided to prove the conversion of the money in local banks.

Frank Naboulsi, the director of Fairmont Nile City Hotel, said that his company is not currently suffering from transferring its funds to the mother company abroad. He pointed out that current occupancies in hotels are 70%. They are expected to continue at this level or increase slightly during Ramadan and Eid Al Fitr celebrations.

You Might Also Like

Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University

GIZ, Enactus Egypt launch ‘NextGen Onboard’ programme to bridge skills gap

Emirati Businessman Alabbar seeks to acquire state-run real estate company in Egypt

Rolling Plus signs contract to establish tire factory with €1bn investments in SCZONE

CBE to decide on interest rate on Thursday amid high inflation

TAGGED: airlines, airlines money transfer, Egypt, Lufthansa
Share this Article
Facebook Twitter Email Print
Previous Article Egypt needs huge investments and 10 million tourists
Next Article Egypt pledges right to self-defence before UNSC by Libya airstrikes
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University
Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University
Business
Egyptian Health Minister highlights country's interest in local drug manufacturing
Egyptian Health Minister highlights country’s interest in local drug manufacturing
Politics Egypt
GIZ, Enactus Egypt launch ‘NextGen Onboard’ programme to bridge skills gap
GIZ, Enactus Egypt launch ‘NextGen Onboard’ programme to bridge skills gap
Business
Emirati Businessman Alabbar seeks to acquire state-run real estate company in Egypt
Emirati Businessman Alabbar seeks to acquire state-run real estate company in Egypt
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?