It reached “100,000 pounds” … January wave of cuts hit 23 C

02:23 PM

Tuesday, January 21, 2020

Books – Ayman Sabry:

A number of companies and brands agents in Egypt announced during the month of January this year, reductions in prices of 23 new models, with varying proportions ranging from 3,000 to 100,000 pounds.

The announcement of price reductions involving cars belonging to Japanese, Russian, Italian, Malaysian, Korean, American, Chinese and German brands coincided with the entry into force of the Turkish Car Exemption Agreement.

Cars that are now fully exempt from customs duties were not imported from Turkey alone, whose prices have fallen, as the prices of a number of other models have decreased, due to the desire of experts to maintain their competitiveness in the market.

Experts expected that the price drops will continue in light of the continuous decline in foreign exchange against the Egyptian pound, as it is the main factor controlling the rise and fall of commodities.

Khaled Saad, Secretary-General of the Association of Automobile Manufacturers, said that financial transactions between exporters and importers take place through foreign currency, whether the dollar or the euro, and therefore the continued decline in the dollar is reflected positively on prices and is in the interest of the consumer.

Saad added in a statement to “Masrawy” that car dealers adjust their prices according to the dollar rates to coincide with the import cycles of up to three months.

Alaa El-Saba, a member of the General Automotive Division of the Federation of Chambers of Commerce agreed, saying that the declines announced by dealers from time to time are the main reason behind the change in the price of the dollar against the pound.

The following interactive graphs can identify cars that have lower prices:

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