CBE clarifies Banque Misr UAE branch measures

Central Bank of Egypt (CBE) said on Friday that measures reportedly imposed on Banque Misr’s branch in the United Arab Emirates as part of US economic restrictions on Iran are limited to the branch’s US dollar transactions with correspondent banks.

The CBE and the Ministry of Foreign Affairs are in contact with the US side regarding the measures, the CBE said in a statement.

The CBE confirmed that the measures do not affect any banks operating in Egypt, including Banque Misr, or any of its other overseas branches.

The central bank also affirmed the strength and resilience of all banks operating in Egypt.