US restrictions on Banque Misr UAE unit do not affect Egyptian banks, says CBE
The Central Bank of Egypt CBE stated that US restrictions on Banque Misr's UAE branch, part of Washington's efforts to tighten economic and financial restrictions on Iran, do not impact other Egyptian banks. The CBE, along with Egypt’s Ministry of Foreign Affairs, is in contact with US authorities regarding these measures. The restrictions specifically target transactions conducted by Banque Misr’s UAE branch with US dollar correspondent banks and do not extend to Banque Misr’s other overseas branches. The US Treasury Department accused the UAE unit of processing approximately $1.8 billion in transactions between January 2024 and June 2026 for companies allegedly linked to Iranian shadow banking networks. These measures limit the branch’s access to US financial services, including correspondent banking services, as Washington increases pressure on foreign financial institutions facilitating transactions involving sanctioned Iranian entities. This action is part of the Trump administration’s “Operation Economic Outcast” campaign, which aims to further isolate Iran financially and target channels that Washington claims help Tehran move funds and circumvent sanctions. The US also announced measures against the general manager of Bank Melli Iran’s Dubai branch and a Hong Kong-based company for alleged activities supporting sanctioned Iranian entities. The CBE reaffirmed the strength and resilience of Egypt’s banking sector.
