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Car prices to go down in Egypt

Car prices to go down in Egypt
The decline in the USD-EGP rate will cut the cost of car imports

By: Muhammad Muwafi

Cairo – Mubasher: Car prices are expected to decline by 4% in the coming period in tandem with the decline in the exchange rates of the US dollar against the Egyptian Pound, an expert said. 

The Egyptian pound’s exchange rate against the USD increased by 5.83%, or EGP 1.042, year-to-date at the Central Bank of Egypt (CBE).

Meanwhile, the Ministry of Finance (MoF) has set the exchange rate of the customs dollar against the EGP at EGP 16 and EGP 16.86 for essential and non-essential commodities, respectively, during June.

The drop in the USD-EGP rate will cut the cost of car imports, which in return may boost the market after the stagnation resulted from the “Let It Rust” campaign, Hussein Mostafa, former managing director for the Egyptian Automobiles Manufacturers Association (EAMA), told Mubasher. 

A report released by the Automotive Marketing Information Council (AMIC) revealed that car sales in the Egyptian market reached 46,589 units in the first four months of 2019, compared to 49,000 units in the year-ago period.

In January, social media users in Egypt launched a drive ‘Let It Rust’ to boycott car purchasing to force traders to slash auto prices. 


Translated by: Muhammad Abdul-Wakeel