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EgyptAir pegs ticket prices of international flights to dollar

Ahram Online , Thursday 17 Nov 2016
Tourists wait for their flight, as an Egyptair plane is seen, background, at a waiting hall in Cairo
File Photo: Tourists wait for their flight, as an Egyptair plane is seen, background, at a waiting hall in Cairo's international airport, 2009. (Reuters)
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Views: 7696

The country's state-owned airline EgyptAir announced on Thursday that prices of tickets for its international flights would be pegged to the dollar, MENA reported.

On 3 November, Egypt's central bank floated the pound and raised key interest rates, as part of a set of reforms aimed at alleviating a dollar shortage and stabilising the country's economy.

Before the flotation decision, the official selling rate of the US dollar stood at 8.88 EGP, and has leveled at 16 EGP in banks in the past two days.

Speaking at a press conference, the chairman of EgyptAir, Safwat Mosallam, told reporters that the company's cost for international flights is paid for [in part] in US dollars, and this will naturally result in a decline in revenues from ticket sales due to the recent pound flotation, MENA reported.

Mosallam said that internal flights prices have not increased since the flotation decision.

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