Foreign airlines and hotel companies say state has cleared the way for profit repatriation

The state has cleared the way for foreign airlines and hotel companies to repatriate their profits, industry sources tell Al Borsa. The newspaper spoke to sources in Germany’s Lufthansa and an agent for the American and Japanese airlines in Egypt, as well as the managers at the Fairmont Nile City and Nile Ritz Carlton, who all confirmed that the caps on foreign currency transfers have been lifted and that they’ve been able to make transfers smoothly for some time now. Sources at some Arab airlines also tell the newspaper that they’ve been able to transfer at least 90% of their revenues.