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Monday, 24 September 2018

Egypt central bank dismisses reports it planned to freeze accounts over unpaid real estate taxes

A CBE official said an investigation has been launched to uncover the source of the false report

MENA , Friday 10 Aug 2018
Central Bank
Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt, November 3, 2016. (Photo: Reuters)
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A Central Bank of Egypt official has dismissed reports claiming that Egyptian banks were directed to freeze clients' deposits in order to collect real estate taxes.

Social media users have circulated an unofficial document claiming the Central Bank of Egypt issued letters ordering banks to freeze deposits of clients to force them to pay the recently declared real estate taxes.

“Such news is baseless,” CBE Vice President of Council of State and legal adviser Tamer El-Daqaq said, adding that CBE Governor Tarek Amer and his deputy for banking supervision Gamal Negm are the only two people authorised to issue any directions to the banks.

The circulated document was signed by a person not authorised to issue such directions, he said, adding that an investigation into the source of the fabricated document has been launched.

Egypt's finance ministry announced Thursday it was extending the deadline for the payment of the real estate tax without imposing delay fees until 15 October.

The ministry warned that this would be the only extension of a deadline that was set to expire on 15 August, saying fines for delays will be imposed on those who fail to meet it. 

*This story has been edited by Ahram Online

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