The head of the Association of Automobile Dealers, Councilor Osama Abul-Magd, confirmed in exclusive statements to “Youm7” that the premium has decreased by 20% on all types of cars in the Egyptian market.
Abul-Majd explained that this phenomenon is controlled by a group of traders called the “top 10” group, adding that “the main reason behind this phenomenon is the small number of cars on display, and with the issuance of the decision to gradually open documentary credits for 60 days, I believe that this phenomenon will gradually reduce because the market is supply and demand. ”
The Egyptian State was able to eliminate the phenomenon of overcharge through decisions issued by the Consumer Protection Agency, which provide that in the event of delay in receipt, the entire amount is entitled to a full refund, with the addition of 18% of the amount paid.
Abul-Magd expected price stability after the last decision and the end of negotiations with the World Bank. Despite today’s fluctuating exchange rates, the majority were dealing with the same prices prior to the issuance of this decision. In case of release of cars in ports, the offer will increase and therefore the options will be greater for the Egyptian citizen.
