Giza Automotives expects 5% increase in car market prices

The Automotives Division in the Giza Chamber of Commerce expects car prices to increase by up to 5% due to the US dollar’s rising exchange rate against the Egyptian pound.

The continuing rise in the US dollar’s value will contribute to a decrease in car sales in the first quarter of the year.

Omar Balbaa, Chairman of the Automotives Division in the Giza Chamber of Commerce, said that car prices are currently unstable.

He said the dollar increase resulted in shrinking sales, in addition to increasing car costs, noting that customers are waiting for the dollar rate to decrease.

If the dollar exchange rate keeps increasing against the Egyptian pound, the total costs of the domestic and imported cars will increase at the same rate of dollar.

He demanded that the Central Bank of Egypt (CBE) and Ministry of Finance quickly do a study to put a limit on the dollar exchange rate.