For the first time
in two years, prices of 18 car brands in the Egyptian market have dropped by up
to 23 percent since the Egyptian pound was floated, according to the Ashraq Business
website.
This comes after two
years of consecutive price increases due to a suspension of imports and a
decrease in supply as a result of the difficulty of obtaining foreign currency,
which pushed prices up fivefold over the past two years.
Ankush Arora, CEO of
Mansour Automotive, the exclusive distributor of several brands in Egypt said
the Egyptian car market has been significantly affected after the currency
floatation, as prices of most brands have witnessed a decrease ranging from 14
percent to 20 percent.
He added most cars
in the Egyptian market are either fully imported or assembled locally, so the
stability of the market after the currency floatation has begun to show a
positive impact that has been reflected in prices.
According to a survey conducted by Al Sharq Al-Awsat,
the value of car price decreases ranged between 86,000 and 590,000 Egyptian
pounds for 18 brands, including about 43 models of 2024 models.
Source: Egypt Independent
