Egypt central bank says U.S. measures on Banque Misr UAE do not affect Egyptian banks
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Egypt's Central Bank said Friday that U.S. measures concerning Banque Misr's UAE branch are limited to the branch's U.S. dollar transactions with correspondent banks and do not extend to Banque Misr in Egypt or any other bank operating in the Egyptian banking sector.
The central bank said it and Egypt's Foreign Ministry are in contact with the U.S. side over the measures. It added that Banque Misr's other overseas branches are not affected and reaffirmed the strength and resilience of Egypt's banking sector.
The clarification followed a proposal by the U.S. Treasury's Financial Crimes Enforcement Network, FinCEN, to prohibit U.S. financial institutions from opening or maintaining correspondent accounts for Banque Misr UAE. The Treasury said the proposed measure applies only to the UAE operation and not to Banque Misr's activities in other countries.
The U.S. Treasury alleges that the UAE operation processed transactions involving companies potentially linked to Iranian financial networks. The Banque Misr UAE measure remains a proposed rule, with a 30 day public comment period following its publication.
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Tahani Elghazaly5401 Posts
