The Head of the Egyptian Industries Association, Adil Jazarin, recently disclosed that local car sales have declined from 170,000 cars in 1999 to 65,000 cars in 2000. Jazarin estimated that car sales will not exceed 32,500 by the end of the year, reported Al-Sharq Al-Awsat.
Jazarin, who is also the chairman of the board of the Al-Nasr Automobile Company, attributed the fall in sales to the rising dollar exchange rate and sales taxes.
The recent devaluation of the Egyptian pound against the US Dollar has reportedly had a negative effect on the country’s car manufactures, who demanded the prime minister decrease customs imposed on the imports of car parts.
Manufacturers maintained that at present they are still paying rates relative to the period before currency devaluation, which are now too high. — (Mena Report)
© 2001 Mena Report (www.menareport.com)
