6:18 pm
Wednesday 14 December 2022
Books – Muhammad Al-Rouby:
Hours ago, news of the halt in auto sales broke on social media as the auto sector awaits a series of major economic decisions in the coming hours.
Montaser Zaytoun, a board member of the General Federation of Chambers of Commerce’s automotive division, confirmed to Masrawy that most of the auto industry halted its sales move on Wednesday.
Zaytoun added that the main reason the auto sector awaits the International Monetary Fund’s decisions on granting a $3 billion loan to Egypt on Dec. 16 is its immediate impact on exchange rates and therefore on car prices.
Zaitoun added that a number of auto agencies stopped pricing and selling cars today, until the situation stabilized after the decision of the International Monetary Fund, and they informed the distributors, and then the major distributors have stopped selling cars today.
Zaytoun denied that car showrooms not owned by major car distributors were affected and confirmed his willingness to sell his cars today without any hesitation.
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