Volvo’s car sales in Egypt dropped by 10-12% in February 2016 according to Ahmed Al Shamy, head of Sales at Ezz Elarab Automotive Group, Volvo’s licenced distributor in Egypt. He further added that this was an improvement over January 2016, which saw sales decline of 50%. Also, as a result of the FX liquidity shortages, the company has stopped importing and has no plans to release any new models, hence will not participate in Automech Formula exhibition of 2016, Al Shamy says. Regarding increases in prices, the company has not increased its car prices, but will be forced to do so if the dollar continues to appreciate. (Al Mal)