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FINANCIAL NEWS
Egypt strategies to reduce car imports in 2016
26 Jan 2016
(MENAFN) Car imports grew last year, though the state plan indicates the belief that Egyptian consumers didn’t get advantage from this since the prices went up in the same period.
Accordingly, the country will limit opening letters of credit for fully-manufactured cars, in accordance with CBE’s unpublicized plans, while it confirmed all requests.
Additionally, several letters of credit were suspended for firms looking to import fully-built cars involving GB Auto, Mansour Chevrolet, Toyota Egypt and Nissan Egypt.
The state should not import goods that can be found in the regional market, while the country plans to help domestic industry and offer USD 20bn in the recent year.
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