IATA notes that the concentration of blocked funds is striking. Africa and the Middle East account for around 93% of the total value of trapped revenues, highlighting how foreign-exchange constraints and policy measures in a relatively limited set of jurisdictions can generate a disproportionate impact on global connectivity. In total, IATA indicates that 26 countries are responsible for the current stock of blocked airline funds, reinforcing that this is not a diffuse, system-wide phenomenon but a problem driven by specific national contexts where repatriation has become slow, uncertain or functionally impossible.
Among the countries with the highest volumes of blocked airline revenues, Algeria leads the ranking with roughly $307 million trapped. Significant amounts are also associated with the XAF currency zone—covering several Central African countries—at around $179 million, while Lebanon is cited with approximately $138 million. Other markets highlighted for substantial blocked balances include Mozambique ($91 million), Angola ($81 million), Eritrea ($78 million), Zimbabwe ($67 million), Ethiopia ($54 million), Pakistan ($54 million) and Bangladesh ($32 million). Collectively, these leading cases represent the vast majority of the global total, underscoring that airline exposure is concentrated and that the negative effects on connectivity can be acute in the markets most affected.
The operational consequences can be severe because airlines run on tight cash cycles and must meet a broad set of costs—many of them denominated in US dollars or other hard currencies. Fuel purchases, aircraft leasing, maintenance contracts, insurance and key technology services are typically priced in dollars. When revenues remain trapped in local currency, airlines may be forced to delay payments, increase hedging and financing costs, or adjust network plans to reduce exposure. IATA has repeatedly warned that prolonged restrictions can translate into fewer flight frequencies, route suspensions, higher fares and weaker connectivity for passengers and businesses alike. This is particularly damaging for economies that rely on air links for tourism, trade, foreign investment and the movement of skilled labour.
Another risk is the erosion of value over time. In markets where currencies are volatile, money held locally can depreciate against the dollar while it remains blocked, reducing the real worth of the revenues once transfer eventually becomes possible. Airlines therefore face not only a liquidity constraint but also foreign-exchange risk that they did not choose to assume. This dynamic can make it harder for carriers to plan capacity, price routes sustainably and commit to long-term growth in markets that would otherwise benefit from stronger international air service.
IATA, which represents around 360 airlines accounting for roughly 80% of global air traffic, is urging governments and central banks to remove barriers to repatriation and to honour the obligations embedded in bilateral air services agreements and established international norms. The association’s message is that enabling airlines to access their own revenues is not simply a matter of corporate finance; it is a prerequisite for maintaining stable air connectivity and ensuring that local economies remain linked to global markets. As the industry continues to operate under cost pressure and tight margins, IATA argues that predictable access to revenues is essential to sustain routes, support tourism flows and protect jobs across the wider aviation and visitor economy.
