Sales of spare parts for cars fell by about 50% over the past two months, after the government’s decision to liberalise the exchange rate in November. Desouky El-Sayed, head of the Spare Parts Division at the Cairo Chamber of Commerce, said that the flotation of the Egyptian pound negatively affected importers and dealers of spare parts by causing a decline of 50% in their sales. El-Sayed pointed out that the spare parts market had been suffering a recession in selling and buying over the past months. He added that the prices of spare parts went up by 100% due to the increased dollar prices against the pound. Samir Madani, deputy head of the Spare Parts Division at the Cairo Chamber of Commerce said that automotive spare parts faced an increase in prices, which contributed to a recession in the sector.

Source: Daily News Egypt January 17, 2017 07:49 UTC