Egypt details US sanctions effect on UAE bank branch

The Central Bank of Egypt confirmed that the American measures imposed on the Bank of Egypt's branch in the United Arab Emirates are limited to the branch's transactions with correspondent banks in U.S. dollars and do not affect Egyptian banks or their other branches. These measures are part of American sanctions targeting financial relations with Iran and have been imposed on the bank and external companies with the aim of cutting off financial support to the Iranian regime, without directly impacting Egyptian banks.

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