12:36 PM
Wednesday, March 6, 2024
Books – Muhammad Jamal:
Osama Abu Al-Majd, President of the Automobile Dealers Association, confirmed that there will be a state of stability in car prices, whether new or used, in the local car market during the coming period, after liberalizing the exchange rate and raising interest on deposits and lending by 6%.
The Central Bank of Egypt announced, on Wednesday, raising the interest rate by 6% at once on deposits and lending. The Central Bank’s interest rate rose after the increase to 27.25% for deposits and 28.25% for lending, and it decided to allow the pound’s exchange rate to be determined according to market mechanisms.
Minutes after the Central Bank announced the liberalization of cash prices, the price of the dollar at the Banque Misr rose to 45.25 pounds for purchase and 45.35 pounds for sale, compared to 30.75 pounds for purchase and 30.85 pounds for sale before the liberalization.
Abu Al-Majd added in a statement to “Masrawy” that despite raising the interest rate by 6% at once and allowing full floating, the central bank can completely eliminate the parallel “black market” by providing foreign currency and reopening documentary credits for importers.
He pointed out that he expects car prices to fall again in the Egyptian market, but the most important factor is the availability of foreign currency and market stability, which will result in a large supply of cars, as well as the complete elimination of overprices.
It is noteworthy that until the first week of March, car prices were valued at 73 pounds to the dollar, before the rates declined sharply after the details of the Ras El Hekma City development project were announced with direct investments estimated at 35 billion dollars.
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