Auto sales in Egypt slide 30% in Q1 2016

The volume of auto sales in the Egyptian market dropped by 30 percent during the first quarter of 2016, Chairman of Bavarian Auto Group, Farid El-Tobgy stated.

Speaking to Amwal Al Ghad Sunday, El-Tobgy clarified that this decline is due to the dollar crisis that led Egyptian firms to deal with parallel markets to cover their needs of dollar.

The official noted that the Egyptian market is currently facing a number of obstacles due to the fluctuated dollar price that caused auto prices to rise by 12-20 percent.