Cars prices in Egypt grow amid consumer frustration

Despite two years of recession, the car market in Egypt witnessed a significant increase in prices, causing a wave of popular frustration among purchasers.

Chevrolet, Kia and Hyundai and Suzuki car prices increased by EGP 1,000 to EGP 11,000 in the last three months alone.

Some cars experts attributed the high increase in prices to the increase in US dollar exchange rate ($1 is sold at 7.15251 EGP), and denied the allegations that dealerships are compensating their three-year losses by hiking up the prices.

The head of cars division at Cairo Chamber of Commerce Efat Abdel Atty said that price rises are a response to the soaring price of dollar exchange rate.