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Egyptair to defer aircraft deliveries

Posted 16 November 2016 · Add Comment

Egypt's Minister for Civil Aviation, Sharif Fathi, has announced EgyptAir will defer the delivery of new aircraft following recent changes to the country's currency exchange system, reports ch-aviation.

Fathi said the factors that affected the decision included government's decision to float the Egyptian Pound earlier this month as part of the terms to secure a USD12 billion loan from the International Monetary Fund (IMF). Although it has since devalued nearly 100% against the greenback, the move is expected to ease pressure on the Pound in the long run.

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