Country in focus: Egypt, tourism, carry trade and the pound

Tourist arrivals

Egypt’s tourism sector is eyeing a gradual recovery after revenues plunged by nearly 70% to $4 billion in 2020 due to the coronavirus pandemic, the tourism minister and travel companies said.

The number of tourists visiting Egypt sank to 3.5 million last year from 13.1 million in 2019, Tourism and Antiquities Minister Khaled El-Enany told Reuters. Foreign occupancy rates in Egyptian hotels dropped to just 10-15% of 2019 levels. Tourism accounts for up to 15% of Egypt’s national output, and is a key source of foreign currency.

Egyptian officials have been…