Egyptian Transport Minister Kamil al-Wazir said that from January 2023, foreigners will be able to buy train tickets in the country only in dollars or euros. He told MBC TV channel about it, reports DEA News.
“From January, new directives will come into effect – train tickets will be sold to foreigners only for dollars or euros,” the minister said.
Al-Wazir explained that as Egypt suffers from a currency shortage, foreigners often turn to “black market” money changers when exchanging currency. Egypt’s Ministry of Transport plans to use the proceeds to pay for new trains purchased abroad.
TASS, which previously referred to Hassan Abdallah, the head of the Central Bank of Egypt, develops Egyptian pound index. This is done to abandon the peg of the national currency to the dollar.
The Egyptian Pound indicator can be based on a basket of gold and other precious metals as well as multiple currencies.
Since March 2022, the Central Bank of Egypt has increased interest rates by 100 basis points, with the Egyptian lira depreciating by more than 27% against the dollar. Abdullah pointed out that the Egyptian lira strengthened against the euro, British pound and Turkish lira.