CBE halts Egyptian automotive market

The Egyptian auto market is csuffering from a new crisis, related to Central Bank of Egypt (CBE) governor Hisham Ramez’s decision to put a ceiling on the supply of dollars to the bank every day. The recent CBE decision means that a maximum of $10,000 daily and $50,000 monthly can be deposited in banks, a decision which was met with dismay from Egypt’s automotive sector.

Ramez also announced during the recent Economic Summit that the automotive sector is among the largest sectors demanding foreign currency, especially the dollar and euro. He said it is the key factor behind the frenzied rise in the dollar prices amongst black market “exchanges”, and he asked them to reduce the volume of imports to avoid the continued increase in dollar demand.