Previous Post
Stunning Horse Statue Made Out of Scrap Metal has Filled Egyptians with Awe
Next Post
Textile Giant Seda Just Opened a Gorgeous New Showroom in Mall of Egypt

EgyptAir Loses EGP 4 Billion in 6 Months due to Currency Float

Travel while you still can! EgyptAir will be increasing prices, or trying to get the government to help them to offset the losses after the float of the Egyptian Pound.

According to the chairman of EgyptAir Holding Company, Safwat Musallam, total losses reached EGP 4 billion in the first half of the current fiscal year which ended January 31st.

Musallam largely blamed the loss of EGP 3 billion on the exchange rate difference after the floatation of the Egyptian pound in November.

Musallam estimated the “fair price” of Umrah tickets to be around EGP 9,000, while the company sells them at around EGP 4,500. He stated that local flights are losing EGP 30 million due to the high costs of operating flights.

After the floatation of the Egyptian Pound in November, EgyptAir tickets did not immediately increase to reflect the exchange rate difference, Musallam stated that different standards will be applied to handle the losses.

The float of the pound led to an increased cost in imports, such as fuel, ranging between a 200-300 percent rise as the Egyptian Pound lost over 65 percent of its value relative to international currencies.

*Photo from Yahoo


Todays Events
Taxi El Sahra @ Cairo Jazz Club
Clubs
Date: 4/26/2017
Time: 10:00pm - 3:00am
Venue: Cairo Jazz Club
Aly Goede & Ouzo @ The Tap Maadi
Clubs
Date: 4/26/2017
Time: 10:00pm - 3:00am
Venue: The Tap Maadi
Aly El Haggar @ El Sawy Culturewheel
Concerts
Date: 4/26/2017
Time: 9:00pm - 11:00pm
Venue: El Sawy Culturewheel
Beautiful Soul Exhibition @ Al Kahila Gallery
Exhibitions
Date: 4/26/2017
Time: 11:00am - 9:00pm
Venue: Al Kahila Art Gallery
3al Ganoob Revisit @ Marsa Alam
Travel
Date: 4/26/2017
Time: 10:00am - 1:00pm
Venue: Deep South Diving
Basics Of Photography Course @ Photopia
Course
Date: 4/26/2017
Time: 6:00pm - 9:00pm
Venue: Photopia Studio
Omar Khairat @ Cairo Opera House
Concerts
Date: 4/26/2017
Time: 8:00pm - 11:00pm
Venue: Cairo Opera House
A-Squared @ The Tap East
Clubs
Date: 4/26/2017
Time: 10:00pm - 2:00am
Venue: The Tap East