Egypt central bank clarifies scope of US action against Banque Misr’s UAE branch

Egypt’s central bank said on Friday that measures reportedly imposed by the United States over Iran-related sanctions were limited to the UAE branch of Banque Misr’s dealings in US dollars with correspondent banks.

The Central Bank of Egypt and the Foreign Ministry are in contact with US officials regarding the measures, it said in a statement.

The action does not extend to any banks in Egypt’s banking sector, including Banque Misr’s domestic operations, or to any of the bank’s other overseas branches, the statement added.

The central bank stressed the soundness and resilience of all banks operating in Egypt.