The government has declared that the long-standing restriction on the import of vehicles will be lifted gradually, with the first phase coming into effect on October 1, 2024. After more than four years of stringent import restrictions, Foreign Minister Ali Sabry disclosed that increased foreign exchange reserves and a stronger national currency were major drivers behind this move.
During the nation’s economic crisis in March 2020, the import embargo was first imposed with the intention of safeguarding foreign reserves. The government will permit the entry of non-motorized items and public transportation vehicles on October 1st, 2024. Imports of commercial cars will be permitted in December of the same year. In February 2025, the last phase—the lifting of the prohibition on personal vehicles like cars, vans, and SUVs—will take place.
It is anticipated that this staged strategy will significantly increase government revenue, revive the aging car population, and strengthen the automobile sector. Although there are still worries about foreign exchange, the government has taken steps to mitigate the effects, such as adding levies.