Shock in car prices after the liberation of the exchange rate of the pound

After the exchange rate of the pound was liberated against other currencies and the interest rate in banks increased, citizens are wondering about car prices in Egypt during this period, especially after the Central Bank’s decision to raise the interest rate, which led to an increase in the price of the dollar, which broke the barrier of 23 pounds last Thursday morning.

Car prices in Egypt after the Central Bank’s decision:

Alaa Al-Sabaa, a member of the Board of Directors of the Automotive Division, said that the Central Bank's decision to liberalize the exchange rate contributes to unifying prices and eliminating the black market.

Al-Saba' added, during media statements, that the Central Bank's decision helps to increase investment and not export concern to investors, with two prices for the dollar, pointing to an increase in the value of shipments excluded from the documentary credits decision to 500 thousand dollars, pointing out that international companies in Egypt will raise Prices according to dollar rates in banks.

The rise in the customs dollar price:

The rise in the price of the customs dollar led to a 30% increase in car prices, with fears of a stagnation in the car market after the price hike.

A member of the Board of Directors of the Automotive Division confirmed that cars have not been released in the ports yet, pointing out that there was supposed to be an increase in car prices by 20%, and there is anticipation in the markets after the decision to import cars from abroad.