https://sputnikglobe.com/20221225/egypt-to-sell-train-tickets-to-foreigners-only-for-us-dollars-euros-from-2023---1105780263.html
Egypt to Sell Train Tickets to Foreigners Only for US Dollars, Euros From 2023
Egypt to Sell Train Tickets to Foreigners Only for US Dollars, Euros From 2023
Sputnik International
CAIRO (Sputnik) - Egyptian Transport Minister Kamel Wazir said on Sunday that starting from January visiting foreigners would be able to buy train tickets only... 25.12.2022, Sputnik International
2022-12-25T10:51+0000
2022-12-25T10:51+0000
2022-12-25T10:51+0000
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The minister noted that there has been a "considerable demand" from foreigners, who have booked over 1,000 tickets for foreign currency in the last few days. The decision came amid a surge in black market exchange transactions at a time when Egypt is experiencing a shortage of foreign currency, Wazir noted. The transport ministry will use the proceeds for purchase of new trains from abroad, he added.The black market has become more active since March, following a 60% drop in value of the Egyptian pound against the US dollar. The exchange rate on the illegal market is 1.5 times higher than the official rate. According to the country’s government, the Central Bank of Egypt and the finance ministry are studying options of trade in national currency with Russia. In March 2020, Egypt's foreign exchange reserves reached a record high of $45 billion. Since then, the reserves have been steadily reduced. The central bank explained that foreign exchange reserves are used to meet the demand of the Egyptian market for foreign currency and ensure the import of strategic goods, as well as to pay off external debt obligations. At the end of November, the central bank's reserves were just over $33 billion.
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egypt currency, black market, train tickets, shortage of foreign currency in egypt
egypt currency, black market, train tickets, shortage of foreign currency in egypt
Egypt to Sell Train Tickets to Foreigners Only for US Dollars, Euros From 2023
CAIRO (Sputnik) - Egyptian Transport Minister Kamel Wazir said on Sunday that starting from January visiting foreigners would be able to buy train tickets only if they pay in US dollars or euros.
"New guidelines will go into force in January — train tickets will be sold to foreigners only for dollars or euros," Wazir told Egyptian broadcaster.
The minister noted that there has been a "considerable demand" from foreigners, who have booked over 1,000 tickets for foreign currency in the last few days.
The decision came amid a surge in black market exchange transactions at a time when Egypt is experiencing a
shortage of foreign currency, Wazir noted. The transport ministry will use the proceeds for purchase of new trains from abroad, he added.
The black market has become more active since March, following a 60% drop in value of the Egyptian pound against the US dollar. The exchange rate on the illegal market is 1.5 times higher than the official rate.
According to the country’s government, the Central Bank of Egypt and the finance ministry are studying options of trade
in national currency with Russia.
In March 2020, Egypt's foreign exchange reserves reached a record high of $45 billion. Since then, the reserves have been steadily reduced. The central bank explained that foreign exchange reserves are used to meet the demand of the Egyptian market for foreign currency and ensure the import of strategic goods, as well as to pay off external debt obligations. At the end of November, the central bank's reserves were just over $33 billion.
