Egyptian Automotive Association halts car imports in Nov

According to media reports, before the Central Bank of Egypt’s decision to float the Egyptian pound (EGP) against the US dollar on November 3, the Egyptian Automotive Dealers Association had agreed to halt the import of cars in November in order to support Egypt’s faltering economy.

Osama Aboul Maged, head of the association, reported that their decision to stop importing cars will continue after the floatation of EGP. He also reported that they did not make any decision to halt auto sales and car prices will increase due to the possible increases in auto customs.