Booking.com no longer supports the Egyptian pound
CAIRO – September 21, 2022: Booking.com, the digital travel agency, announced on Wednesday that it will end support for the Egyptian pound from Thursday, September 22.
This announcement means that users of the website will no longer be able to use Egyptian currency to pay for their reservations.
The company attributed the decision to currency fluctuations, saying it was to ensure that currency fluctuations did not affect rewards and the customer’s wallet experience.
The Company will convert wallet currency and balances for users who apply Egyptian currency to dollars (USD) using the exchange rate at the time of each conversion.
The Egyptian pound has seen an accelerating decline in recent weeks, as experts expected the Central Bank to continue to gradually reduce the currency until it reaches levels between LE 21 and LE 22 per dollar. . This is to ensure the exchange rate flexibility demanded by the International Monetary Fund, with which Egypt is seeking to sign an imminent agreement with which to secure a new loan.
Earlier, Jihad Azour, director of the Middle East and Central Asia department at the International Monetary Fund, said negotiations to secure new financing were continuing with Egypt and things were progressing according to schedule.
Prime Minister Mostafa Madbouli said earlier that the Egyptian government is in the final stages of talks with the International Monetary Fund on new funding.
In July, Finance Minister Mohamed Maait said Egypt was in the process of resolving remaining points of disagreement with the IMF over a new expanded financing facility.
Maait told Al-Arabiya that talks with the IMF are ongoing and they have made “very, very good progress”, noting that the value of the loan has not yet been set.