At the end of October, 2022. The Government of Egypt approved a package of economic and structural policies to enhance macroeconomic stability in line with the national reform plan.
The most prominent decision is that the Central Bank of Egypt will float the Egyptian pound against the US dollar according to supply and demand, raise the deposit and loan interest rate by 200 basis points to 13.25% and 14.25% respectively, and phase out documentary credits by the end of December 2022.
Khalid Saad, secretary general and executive director of the Egyptian Automobile Manufacturers Association, said the liberalization of the Egyptian pound against the dollar is reflected in all aspects of the car import process, including the reserve price of the car, freight and customs fees.