State-owned banks to cover SAR needs for umrah -CBE

National Bank of Egypt, Banque Misr, and Banque du Caire have reached an agreement with the head of the tourism chambers of commerce to provide tour operators’ entire requirements of Saudi riyals for this year’s umrah season, according to an emailed central bank statement. The central bank estimates that the total requirements for this season is SAR 700 mn. The central bank also stresses that all umrah bookings should be made in EGP and adds that the three state-owned banks have committed to making SAR 1,000 available to each traveler. The mechanism to manage the hajj season will be looked into this month, the central bank added.