Egyptian c.bank initially permits Russian tourists to pay in ruble

Egyptian Central Bank (CBE) has given the initial approval on allowing Russian tourists to pay for package holidays to Egypt in rubles, Red Sea governor Ahmed Abdulla said Thursday.

A committee will be formed to discuss the mechanisms to apply the decision with the CBE officials next week.

During his speech in the second annual Akhbar Al-Youm Economic Conference, the governor stated that using rubles will fully participate in boosting the number of tourists visiting Egypt. He assured that the Egyptian and Russian central banks will reach best solutions.

According to the latest statistics, more than 40% of tourists visiting Red Sea governorate are from Russia.

Governor Abdulla added that around 2 million tourists have visited Red Sea in 2014, amid expectation to have more in the coming years after the government brings into effect the decision to use rubles and the Egyptian pounds between the two countries.