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Egypt's General Motors Temporarily Suspends Operations

  • Associated Press

FILE - Employees work at a General Motors Egypt joint venture truck plant, just outside Cairo, Egypt.

FILE - Employees work at a General Motors Egypt joint venture truck plant, just outside Cairo, Egypt.

Egypt's General Motors has suspended operations for a week because of a shortage of foreign currency, a company official said.

The official told The Associated Press on Tuesday that the decision is the first of its kind in over thirty years operating in Egypt. General Motors has a nearly 25% share of the country's car market.

“We are not the only company suffering; the crisis in currency is no secret,” the official said, speaking on condition of anonymity because she was not authorized to speak to the press. She added that the company will review its decision on Feb. 13.

Relying on imports, Egypt's reserves of foreign currency have decreased after years of political turmoil, and falling tourist numbers, following the 2011 ouster of longtime dictator Hosni Mubarak.

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