IATA warns Egypt against holding onto foreign airline revenues

The International Air Transport Association (IATA) has reiterated its warning to Egypt against blocking the release of millions of dollars of revenue owed to foreign airlines in an interview with Gulf News. IATA stated that Egypt owes $250 million worth of local ticket sales to international airlines, compared to the $291 million it owed in June. IATA confirmed that it is working with Egyptian authorities “to find a practical solution to release forex (foreign exchange) to airlines in order to avoid any unintended, detrimental effects on the country’s aviation industry.”