Ghabbour Auto on Monday revealed it has completed studying the recent hike in the customs dollar exchange rate and that it is on track to raise the prices of imported vehicles.
The Egyptian automotive firm is considering a 1% or 2% increase in prices of the fully manufactured imports, according to a statement to the Egyptian Exchange (EGX).
The company will be monitoring the market in the coming period to study the reactions and take the required actions, the statement added.
The EGX decided to resume trading on the company’s stock today as of 11:05 am after it responded on the impacts of raising the customs exchange rate.
On Saturday, the Ministry of Finance (MOF) stated that customs dollar exchange rate on unfinished imported products will be kept at EGP 16.
Last week, the MOF decided to raise customs exchange rate for non-essential goods and tie it to the rate set by the Central Bank of Egypt (CBE) this month.