Tourism Minister provides scenarios to face Russia’s ruble decline

The decline in price of Russian official currency of ruble will affect tourist traffic to Egypt from Russia, which neared three million tourists this year, over the coming period of time, said Tourism Minister Hesham Zaazou describing the Russia as the biggest tourist sending market to Egypt.

The minister indicated two scenarios to resolve the crisis. First solution is tradeoff, through which Russian tourist pays for the tourist agency in Russia in ruble, then the Egyptian government pays for hotels in Egypt in the local currency of pound. Egypt then could get products from Russia through difference between ruble and pound in US dollar.

The minister hinted that such system requires approval from the two countries, saying that economies of both of them are in need for the foreign currency. A team with economic experience has been ordered to carry out study to be concluded on Thursday after evaluating the tradeoff system.

The second scenario is canceling fees of the visa, which US$25 for the Russian tourist, the minister said. Such system requires approvals from three ministries of foreign affairs, interiors and finance as this could affect revenues of foreign currency.


Edited translation from Al-Masry Al-Youm


Related Articles

Back to top button