Future of Egypt’s automotive market is uncertain

In spite of the stability of the US dollar exchange rate at about EGP 18.5 over the past few days, the future of the automotive market in Egypt is still uncertain. According to workers in the sector, the continuation of price increases and plummeting sales have contributed to the uncertainty.

Car merchant Mahmoud El-Wakeel said that although he has worked in the sector for over 25 years, the future of the automotive market has for the first time become uncertain.

He added that price hikes took place prior to the flotation of the Egyptian pound, and that they continued afterwards under the pretext of the instability of the US dollar exchange rate.