Air France obtained an approval to repatriate its money in Egyptian banks on condition of bearing the foreign exchange rate gap. How do you see the Egyptian pound’s flotation decision? The pound’s flotation decision by the Egyptian government benefit the local economy as it attracts foreign investment; nevertheless, it negatively impacts foreign companies already operating in Egypt. We finally obtained an approval to repatriate our money, but the company is unable to repatriate the full amount of its money in banks. The company’s profits were significantly affected after the pound’s flotation, and Air France will bear the foreign exchange rate gap before and after the pound’s flotation.

Source: Daily News Egypt January 19, 2017 07:14 UTC