Cairo hosts African Union's 5th Awareness Week on Post-Conflict Reconstruction on 19 Nov.    Egyptian pound holds steady in narrow band in early Sunday trade    Standard Bank opens first Egypt office as Cairo seeks deeper African integration    UREGENT: Egypt's unemployment hits 6.4% in Q3 – CAPMAS    Al-Sisi orders expansion of oil, gas and mining exploration, new investor incentives    Climate finance must be fairer for emerging economies: Finance Minister    Cairo intensifies regional diplomacy to secure support for US Gaza resolution at UN    Egypt unveils National Digital Health Strategy 2025–2029 to drive systemwide transformation    Minapharm, Bayer sign strategic agreement to localize pharmaceutical manufacturing in Egypt    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    ADCB launches ClimaTech Accelerator 2025    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egypt's Al-Sisi ratifies new criminal procedures law after parliament amends it    Egypt's FM discusses Gaza, Libya, Sudan at Turkey's SETA foundation    Egypt launches 3rd World Conference on Population, Health and Human Development    Cowardly attacks will not weaken Pakistan's resolve to fight terrorism, says FM    Egypt adds trachoma elimination to health success track record: WHO    Egypt, Latvia sign healthcare MoU during PHDC'25    Egypt, Sudan, UN convene to ramp up humanitarian aid in Sudan    Egyptians vote in 1st stage of lower house of parliament elections    Grand Egyptian Museum welcomes over 12,000 visitors on seventh day    Sisi meets Russian security chief to discuss Gaza ceasefire, trade, nuclear projects    Egypt repatriates 36 smuggled ancient artefacts from the US    Grand Egyptian Museum attracts 18k visitors on first public opening day    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    VS-FILM Festival for Very Short Films Ignites El Sokhna    Egypt's cultural palaces authority launches nationwide arts and culture events    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt will never relinquish historical Nile water rights, PM says    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egyptian pound devaluation negatively impacts Nissan Motor Egypt: Sekiguchi
Nissan Motors Egypt CEO demands that companies do not rush to increasing prices because of the devaluation
Daily News Egypt Published in Daily News Egypt on 21 - 03 - 2016

Nissan Motors Egypt will be negatively impacted by the Central Bank of Egypt's (CBE) decision to reduce the price of the Egyptian pound against the US dollar to be EGP 8.78, said the company's chairperson and managing director, Isao Sekiguchi.
Sekiguchi said the company has been struggling for a long time to repay foreign suppliers dues of $200m, indicating that the CBE ‘s decision to devalue the Egyptian pound by 14% will lead to losses in converting the $200m owed to suppliers from the national currency.
The CBE's decision has caused a major loss for us, and the situation will not be easy after the devaluation of the Egyptian pound, but the decision might be useful in general for the state, Sekiguchi added.
During a company press conference, Sekiguchi said: "Nissan Motors Egypt is committed to expanding in the African continent through the Egyptian market, and the company has launched five new products over the past two years."
He said that Nissan Motors Egypt is targeting a growth rate of 10% over the upcoming period, and it remains the largest Japanese investor in all sectors, through its factory in the 6th of October City and 36 distributors around the country.
Sekiguchi also revealed the company's latest vehicle model, the Nissan Sway, which features hatchback characteristics that provide a unique experience and way of luxury. The vehicle has a simple internal design, lighting, and it represents the creative method followed exclusively by Nissan Motors Egypt.
Mahmoud Halawa, CEO of Nissan Motors Egypt, said the Automech Formula exhibition is considered the pushing force for the automotive market to grow their sales during the year.
The dollar crisis is affecting all sectors in the state in general, and the automotive market specifically, and Nissan Motors Egypt has been impacted as well after stopping reservations for awhile to solve the dollar crisis, said Halawa.
The company is trying to overcome the crisis by dividing vehicle quota imports between Nissan's 36 distributors in Egypt and solving the problem of waiting lists.
Halawa added that automotive companies should not rush to increase their prices after the devaluation of the Egyptian pound against the US dollar, and Nissan Motors Egypt's inventory is sufficient to last for two months. Nissan Motors Egypt has not increased its prices during the recent period, he noted.

Clic here to read the story from its source.