The head of the Egyptian Automotive Dealers Association Osama Aboul-Magd said that Egypt will witness increasing car prices within the near future. During a telephone interview with Etc TV channel on Tuesday, Aboul-Magd said that the state is carefully handling the issue due to how large and sensitive the car sector is. The Federal Reserve’s decision to raise interest rates by 0.5 percent caused new car prices to rise for the second time since March in the local market, prompting a large number of buyers to search for used cars. Aboul-Magd anticipates the new rise in car prices to reach 20 percent at the end of 2022. He said that eliminating over-pricing and unofficial prices for cars comes through fixing the profit margins for car trading in its various stages.

Source: Egypt Independent May 11, 2022 10:21 UTC