Egypt’s car market is in limbo following decisions leading to the depreciation of the pound and a rise in interest rates. Decisions taken on 21 March that led to the pound depreciating by 16 per cent and interest rates increasing by one per cent are leaving their mark on Egypt’s car market.
Some such clients have filed complaints with the Consumer Protection Agency (CPA).
“All car agents and dealers are committed to delivering cars at the old prices to anyone who paid a deposit for a car before 21 March,” Osama Abul-Magd, head of the Egyptian Automotive Dealers Association (EADA), said during a recent phone-in with Sada Al-Balad TV channel.
Any client who reserved a car at the old price and has a document showing the amount paid and the full price of the car should get the car at the same price, regardless of the higher prices that have recently been announced, Abul-Magd added.
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