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Car Division Shares Dollar Decline Impact Date
It is expected that decreases in the dollar exchange rate at banks will lead to a reduction in car prices in Egypt by up to 15%, following increases of around 25% resulting from the US-Israeli war on Iran, as well as shipping and maritime insurance costs. It is also reported that Egypt imports approximately 70% of its cars from abroad. An official in the automotive sector stated that the market has experienced a demand decrease of up to 50% compared to five years ago, despite the rising prices of cars such as the Nissan Sunny, which now range between 765,000 and 2.5 million Egyptian pounds, and Hyundai, with prices ranging from 750,000 to 3.65 million pounds.
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