The head of the Association of Car Dealers, Counselor Osama Abul-Magd, confirmed in exclusive statements to “Youm7” that the over-price has decreased on all types of cars in the Egyptian market by 20%.
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 It will gradually shrink because the market is supply and demand.”
The Egyptian state was able to eliminate the over-price phenomenon through decisions issued by the Consumer Protection Agency, which stipulate that in the event of a delay in receipt, the full amount is entitled to a full refund, with an addition of 18% of the paid amount.
Abul-Magd expected price stability following the last decision and the end of the negotiations with the World Bank. Despite the floating exchange rates today, the majority were dealing with the same prices before the issuance of this decision. In the event of the release of cars in the ports, the supply will increase and therefore the options will be more for the Egyptian citizen.