CBE denies "Let it Rust" campaign spares treasury $12B

CAIRO - 7 February 2019: The Central Bank of Egypt denied that "Let it Rust" campaign, has spared the Egyptian treasury 12 billion dollars in 30 days as car sales and imports are reportedly declining, according to the Media Center of the Cabinet.

"Let It Rust" is a social-media campaign protesting high car prices. The campaign went viral in early January as consumers continued to wait for a decrease in automotive prices following the full elimination of custom tariffs on European cars as part of an Egyptian-EU agreement.

The center said it contacted the central bank that dismissed these reports as groundless.

These are mere rumors meant to undermine national economy, the bank said.

The bank made clear that a decision to fully lift customs duties on imported European vehicles has came into effect as of January 2019 in accordance with a partnership agreement signed between Egypt and the EU.

The bank urged all media outlets and social networking websites to verify the authenticity of any report they publish to avoid disturbing public opinion.