The Central Bank of Egypt confirmed that recent United States measures imposed on Banque Misr’s branch in the United Arab Emirates, in connection with economic restrictions on Iran, will not impact the Egyptian banking sector or the bank’s domestic operations.
US Dollar Transactions Restricted
The central bank stressed that the US action is strictly limited to the UAE branch’s transactions with correspondent banks in US dollars.
The measures do not extend to any other institutions within the Egyptian banking sector, including Banque Misr in Egypt or any of its other foreign branches, with the scope explicitly confined to the dollar transactions of the UAE branch.
Central Bank of Egypt Highlights Sector Resilience and Diplomatic Efforts
The central bank and the Egyptian Ministry of Foreign Affairs are currently in contact with US authorities to monitor the measures and address their repercussions, the statement noted.
In a final message directed at reassuring depositors, the Central Bank of Egypt affirmed the strength and resilience of all banks operating in Egypt. The regulator emphasised the soundness and solidity of the Egyptian banking sector in the face of external developments.
