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بوابة الشروق
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Car Dealers Suspend Sales Amid Price Spike
Car dealers and agents have temporarily halted sales in Egypt due to the rising dollar exchange rate, which has exceeded 54 pounds. This has led to increased import costs and a decline in supply. Car prices have risen by between 8% and 10% over the past week, with additional premiums ranging from 25,000 to 200,000 pounds on most vehicles, reflecting the deteriorating exchange rate and increased costs. Traders are exercising caution, fearing ongoing price hikes, and a dollar rate of 55 pounds is seen as a hedge to absorb future increases. Meanwhile, the government is moving to strengthen local car manufacturing and boost exports. Officials warn that continued financial pressures could lead to further price increases, causing the market to face a state of confusion.
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