General Motors is to restart operations in Egypt on Sunday after temporarily halting operations earlier this week due to its inability to source dollars amid the country's currency crisis.
"The problem has been solved," a company official told Reuters. Nfurther details were available.
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The news agency noted import-dependent Egypt had been facing an acute dollar shortage since a 2011 uprising and subsequent political turmoil whcih drove foreign investors and tourists away. Dollar reserves have more than halved to US$16.4bn since then.
The company said earlier it was halting operations after being unable to get imported components released from customs because of the dollar shortage.
"We will resume plant operations in 6 October City commencing Sunday, 14 February," the company said in a statement.
According to Reuters, General Motors's Egypt operation includes assembling trucks and cars. It makes 25% of Egypt's vehicles.
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By GlobalDataA GM Egypt website says the company sells Opel and Chevrolet brands in the country. A passenger minivan is sourced from the GM-SAIC joint venture in China and assembled locally ata rate of about 5,000 a year.
Egypt's central bank has been rationing dollars and keeping the pound artificially strong at 7.7301 per dollar through weekly dollar auctions, Reuters added.
