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00:00 After successive price increases for more than a year, it was slowly drawn into the sales due to the crisis of foreign currency.
00:08 The prices of cars in Egypt are falling by a rate of up to 20%.
00:13 After the central bank's resolution, it released the money and left it to the demanding and the supply machines,
00:19 by paying from the dollar payments that come to the country.
00:23 This has led to a reduction in prices, the number of cars released, and the increase in sales, and a phenomenon of overpricing in the markets.
00:32 Today, the price of a car is 1 million, and a week later it will be 1.25 million, and so on.
00:39 But after the control, the dollar will come in, like outside, in the bank or abroad.
00:45 The authorities are getting more and more angry, that you are controlling Egypt and after 6 months you go and do an initiative to get a car from abroad,
00:53 that has conditions for certain people, so you have to either buy at a high price or destroy the security.
01:00 Of course, those who buy now are investing, for example, they buy cars that are less than 100,000 or 200,000,
01:06 and then it can increase to 300,000, or it will certainly win.
01:09 The new factors and the way cars are sold will affect the movement of sales in the markets,
01:15 increasing with each new decrease in prices,
01:18 especially after the conversion of cars to one of the safe areas that Egyptians have recently sought to avoid,
01:24 due to the rising inflation and the return of local currency.
01:28 We have seen a large reduction in the prices of economic cars,
01:31 which were sold in the Egyptian market for 1.2 million pounds, and today they have reached 700,000 pounds.
01:39 We see that the market is witnessing a decline in sales,
01:43 while customers and customers are waiting for more reductions.
01:48 In the coming period, the market will be controlled by the exchange rate and the exchange rate.
01:53 We see a large amount and a large balance for merchants,
01:56 and merchants are trying to make tariff offers and reduce prices.
02:00 They are trying to stimulate the movement of sales.
02:02 The sales of cars have declined by more than 51% in the past year,
02:07 a record lower than ever,
02:10 but on a time frame with an improvement in the coming year, according to many expectations.
02:16 The reverse of the increase in pounds is against the dollar flows on the decrease in the prices of cars in the Egyptian market,
02:21 after reaching unprecedented levels,
02:24 and we expect that the movement of sales will decline and prices will rise again in the coming period.
02:31 Farouk Youssef, CNBC, Cairo.
02:34 - Thanks a lot.