The fact that Toyota cars are sold for dollars in Egypt
During the past few hours, the Egyptian car market has witnessed a state of controversy through the pages of social networking sites like Facebook. This was after some information was circulated about the company’s request. ToyEgypt is for its customers who wish to reserve new cars by depositing the full amount of the car in dollars in its bank accounts.
Source: The company deals inside the market in Egyptian pounds, according to the latest price list issued
The site continues Auto Club With a source inside Toyota Egypt, where he confirmed that this information that was circulated is incorrect and just rumors within the market, and the company will not deal in selling its car in US dollars instead of the Egyptian pound, as this is considered a violation of the law and is punishable.
Al-Masdar pointed out that Toyota Egypt, the local agent of the Japanese brand Toyota, announced last week an increase in the prices of Toyota cars for various categories on the market, with a value of EGP 100,000 during the month of July.
The company has notified its network of authorized distributors of this increase, so that it will be applied to all “Toyota” models, namely “Belta, Fortuner, Rush, Romeon, and Corolla” models 2023 and 2024.
Zaytoun: Companies deal in dollars only inside the free zone, and 40% must be exported
For his part, Montasser Zaytoun, a member of the Automotive Division of the General Federation of Chambers of Commerce, said that the Egyptian law for the bank prevents the sale of any goods inside Egypt in foreign currencies, saying: (No one can announce this because this is a legal violation and a crime punishable by law) in Egypt.
Zaytoun indicated that Toyota sells its cars for US dollars instead of pounds, but that is only when buying them from the free zone, explaining that agents who depend on sales in the free zone export 40% of the total imported cars to other markets. And selling the remaining 60% in the market through the free zone.
Egyptian law
It is noteworthy that the Egyptian law, in Article No. 126 of the Central Bank, Banking, and Currency System Law promulgated by Law No. 88 of 2003, imposes penalties on those who deal in foreign exchange in buying and selling operations locally.
The article states that “Whoever violates any of the provisions of Articles 111, 113, and 117 of this law shall be punished with a fine of not less than ten thousand pounds and not exceeding twenty thousand pounds.”
The provisions of Article 111 of the law stipulate that “dealing within the Arab Republic of Egypt, buying and selling in the areas of goods and services, shall be in Egyptian pounds, in accordance with the rules specified by the executive regulations, unless otherwise stipulated in an international agreement or in another law.”
