Bank of Egypt UAE faces US sanctions

The U.S. Department of the Treasury has restricted Bank of Egypt's services in the UAE to dollar transactions due to its dealings with Iran. The new rules propose to cut off the bank's UAE branch from access to correspondent banking accounts in American institutions. An official Egyptian source confirmed that this measure is limited to dollar transactions and does not affect Bank of Egypt's operations within Egypt or other branches. The decision is under review and may be reversed after coordination with the American side. Additionally, the Central Bank of Egypt emphasized that this measure does not harm the banking sector in Egypt and is exclusively related to the transactions between Bank of Egypt's UAE branch and its American correspondents.

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