The Egyptian Automotive Dealers Association held a meeting for leading car importers in which the association announced it would halt the import of cars during November in support of Egypt’s economy.
The association met recently, prior to the Central Bank of Egypt’s (CBE) decision to liberate the exchange rate of the Egyptian pound against the US dollar.
Osama Aboul Maged, chairperson of the Egyptian Automotive Dealers Association, told Daily News Egypt that the association’s decision to stop importing cars will continue even after the liberalisation of the exchange rate. He said this is “much better”, in reference to maintaining the stability of the local currency to support the Egyptian economy.
The CBE decided to liberate the exchange rate on Thursday, with a guiding price of EGP 13 to the dollar, while banks were given the freedom to determine the price of the dollar against the pound.
Aboul Maged denied that the association has taken any decision to halt auto sales, adding that they allowed each dealer to make his own decision.