Egyptian Deposits and Transfers and US Action on Bank Misr
The decision by the U.S. Treasury Department to impose restrictions on dollar banking messaging services at Bank of Egypt branches in the UAE has raised concerns about its impact on Egyptian depositors and their related transfers linked to the bank. Estimates indicate that since January 2024, Bank of Egypt in the UAE has conducted transactions totaling approximately $1.8 billion, involving companies suspected of connections to the Iranian regime, including Iranian financing networks and financial gouging benefiting the Iranian Supreme Leader. However, banking and economic experts have confirmed that this measure is limited to the bank’s branch in the UAE, and that deposits in Egypt and Egyptians' remittances abroad will not be affected. The Central Bank of Egypt has also committed to implementing strict measures to safeguard funds and balances, noting that the current impact on the Egyptian economy is limited.
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