02:53 p.m
Saturday 05 October 2024
Dina Karam wrote:
There is a calm situation on Abdel Aziz Street, one of the most famous electrical appliance markets in Egypt, despite the sharp drop in prices, as prices fell between 30 and 40% on average, compared to January prices last year, according to the Masrawy merchants he spoke to during his visit.
Muhammad Abd al-Rahman, one of the shop owners on Abd al-Aziz Street, said that there was a significant decline in prices, as prices fell by 30% on average, compared to prices in January last year.
Abdel Rahman said the prices are now very reasonable.
Abdul Rahman pointed out that despite the big drop in prices, this did not encourage buyers to buy, saying: “Since last April, demand has been very weak.
Mohamed Sobhi, the owner of a home appliance shop on Abdel Aziz Street, agreed with him, saying that prices have seen a continuous decline since the exchange rate was liberalized in March last year, due to the decline in the price of the dollar, as traders depend on the price of the dollar in the parallel market, which reached 65 pounds.
Sobhi said that with the availability of dollar liquidity, customs clearances were increased, which led to imported home appliances and the requirements for making home appliances to be produced locally.
Last March, the Central Bank announced the liberalization of the exchange rate, abandoning support for the pound for the fourth time, so that its value would be determined according to the mechanism of supply and demand against other foreign currencies, with the aim of unifying the currency. exchange rate.
After the decision to free the exchange rate for the fourth time on March 6, the dollar rose from 30.94 pounds to around 50 pounds per dollar before falling to between 46.89 and 47.07 pounds in banks.
The decision to liberalize the exchange rate helped eliminate the price gap between the official exchange rate in banks and money exchanges and the black market, which at times reached over 130%, so the central decision to liberalize the exchange rate to eradicate the black market.
Sobhi pointed out a reduction in the prices of several home appliances, including a 16-foot Sharp refrigerator that was sold at 24,000 pounds, compared to its price of 30,000 pounds last March and a price of 27,000 pounds at the beginning this year.
Ahmed Mustafa, another trader on Abdul Aziz Street, agreed with him, saying: Prices went down by up to 40%, compared to prices at the beginning of the year.
Mustafa attributed the decline in prices to the stagnation the market is experiencing, which has forced traders to reduce their profit margins in exchange for accumulating capital.
Mustafa said among the most prominent types of appliances that decreased were the 14-foot Fresh refrigerator priced at 19,300 pounds, compared to 25,000 pounds last January, and a 7-kg Samsung face washer priced at 16,000 pounds. , compared to 20,000 pounds, and a tornado microwave priced at 4,800 pounds, after its existence its prices are between 5,500 and 6,000 pounds.
Mustafa pointed out that the 16-foot Fresh refrigerator fell to 20,500 pounds, compared to 29,000 pounds last January, and the price of an 8-kg Samsung washing machine fell to 18,800 pounds, compared to 28,000 pounds before the fall.
The average prices of some types of home appliances are as follows: the price of the Tornado heater 50 liters is 3,100 pounds, the price of the Olympic heater 50 liters is 3,050 pounds, and the price of the Unionaire heater 50 liters is 2,700 pounds, according to Mustafa.
As for washing machines, their capacity is between 8 and 15 kilograms Main loading: their prices are between 10 and 22 thousand pounds, according to one of the merchants of Abdul Aziz Street.
Stove prices varied, with a Fresh 4-burner stove priced at around 5,800 pounds, a Unionaire 4-burner stove priced at 4,000 pounds, a new 5-burner stove priced at 9,300 pounds, and a Unionaire 5-burner stove priced at 7,500 pounds , according to Mustafa.
Mustafa said that the price of the screens starts from 4,500 pounds, reaching 18,500 pounds, for a 55-inch Samsung screen.
The price of the “Air Fryer” starts at 3,000 pounds and reaches 7,000 pounds, depending on the capacity and the model, according to Mostafa.
Mustafa advises individuals to buy heaters and heaters now before the winter season arrives, as their prices are expected to rise with the increase in demand for them, reaching their prices to 5,000 pounds with the arrival of the months of December and January.
Mustafa explained that this stagnation that the home appliances market is suffering is the result of several factors, the first of which is the weak purchasing power of citizens, as well as the large, continuous increases seen in the prices of appliances – last year, did. citizens prefer to repair their old appliances instead of buying new ones.
2024-10-05 11:53:00
#Surprise. #Prices #home #appliances #fell #economic #recession
