Egypt’s tourist agents are keeping an eye on the impact the US dollar’s recent surge against the Egyptian pound is having, but currently believe the Egyptian currency’s decline is positive for tourism.
On Thursday, the Central Bank of Egypt let the pound weaken to 7.6301, down from the 7.5301 it had maintained for five months.
Basel al-Sisi, chairman of the economic commission at the Egyptian Travel Agents Association, told Al-Masry Al-Youm that the Egyptian pound’s drop against the dollar is an attractive factor for incoming tourists, given the fact that the value of commodities and other expenses will become cheaper for them.
Sisi pointed out that the dollar increase is under the association’s watch, adding that it “leads to increasing the value of other foreign currencies in the market, and since 5 percent of services provided to pilgrims are paid for in Saudi riyals, they are expected to increase in price too.”
Edited translation from Al-Masry Al-Youm
