EgyptAir is set to announce within hours or on Sunday, an increase of 35 to 45 percent to the price of its tickets, which will take effect once it is announced, official sources with the company told Al-Masry Al-Youm on Tuesday.
The increase in prices is in proportion to the size of expenditures and revenues, the sources said. It will vary according to the class and timing of the booking; and whether it is on normal days or in peak seasons, the sources added.
The sources said that intensive meetings were held between managers of the company over the past few days, in order to determine the effects of the pound floatation on the value of tickets; and it was decided that the value of the overall increase will range between 35 and 45 percent.
The cost of the company's tickets saw an increase of 15 to 22 percent this week, after an increase in taxes on the value of the ticket.
Th chairman of EgyptAir Holding Company Safwat Musallam said last week that his company will review the price of its tickets next week in light of a decision by the Central Bank of Egypt to float the Egyptian pound.
Last Thursday, Egypt’s central bank announced the floatation of the Egyptian pound. Within less than a week the US dollar soared and on Tuesday it was being sold at LE18.
The US dollar’s previous official rate of LE8.8 had been maintained by the Central Bank of Egypt since March, when it had last devalued the Egyptian currency.
