General Motors to resume operations in Egypt
Reuters
Published Feb 11, 2016 10:23AM ET
General Motors to resume operations in Egypt
CAIRO (Reuters) - General Motors (N:GM) will resume operations in Egypt on Sunday, the company said on Thursday, after temporarily halting activities earlier in the week due to its inability to source dollars amid the country's currency crisis.
Import-dependent Egypt has been facing an acute dollar shortage since a 2011 uprising and subsequent political turmoil drove foreign investors and tourists away. Dollar reserves have more than halved to $16.4 billion since then.
"The problem has been solved," a company official told Reuters by telephone on Thursday, without providing further details.
The company said earlier in the week it was halting operations after being unable to get imported production inputs released from customs because of the dollar shortage.
"We will resume plant operations in 6 October City commencing Sunday, February 14," the company said in a statement on Thursday.
General Motors's Egypt operation includes assembling trucks and cars. It makes 25 percent of Egypt's vehicles.
Egypt's central bank has been rationing dollars and keeping the pound artificially strong at 7.7301 per dollar through weekly dollar auctions.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.