Will Egyptians' deposits and remittances be affected by the U.S. move against Bank of Egypt in the UAE?

The U.S. Treasury Department said in a statement on Friday that Bank of Egypt in the UAE "is a key link in the Iranian regime's access to U.S. dollars," and the ministry estimates that between January 2024 and June 2026, the Bank of Egypt in the UAE conducted transactions amounting to approximately $1.8 billion on behalf of 103 companies that are likely part of the Iranian shadow banking network.

Suhair Al-Damati told Al Jazeera Net that the action taken by the U.S. Treasury against Bank of Egypt in the UAE is part of measures related to monitoring companies suspected of having links to the Iranian regime. She explained that the bank deals with its clients in accordance with internationally applicable laws, regulatory and banking controls, and does not necessarily have the means to detect all undisclosed relationships that some companies may have with Iranian entities.

Regarding the extent to which Egyptians' overseas remittances to Bank of Egypt will be affected by the decision concerning its UAE branch, the banking expert said those remittances will not be impacted, noting a high level of confidence among Egyptians in domestic banks, as reflected by remittances during the 2025-2026 fiscal year exceeding $47 billion. She added that the Egyptian economy will also not be affected by this measure, according to her.

Banking administration professor and Egyptian banking expert Ayman Hassan believes that what happened to the Bank of Egypt's UAE branch will not affect the main branch in Cairo or the bank's other branches spread across the country or operating in several other nations. In a statement to Al Jazeera Net, he noted that the Central Bank of the UAE is the authority responsible for foreign bank branches operating within the country, which are subject to its supervision and regulation; therefore, the crisis pertains only to the UAE branch.

Economist and member of the Economic Committee in the Egyptian Parliament, Mohamed Fouad, says the U.S. decision regarding Bank of Egypt in the UAE should be placed in the proper context, clarifying that it is a proposed regulatory measure rather than a final decision. He points out that the U.S. announcement explicitly states that its scope is limited to Bank of Egypt in the UAE and does not extend to the bank's operations in Egypt or any other country.

Fouad explained to Al Jazeera Net that current data show no indications of impact on customer deposits in Egypt or on remittances from Egyptians abroad, nor are there any signs suggesting that the parent bank's relationships with correspondent international banks would be affected. (Correspondent international banks are commercial financial institutions that provide banking services and act as intermediaries for other banks in different countries to facilitate cross‑border transactions and transfers.)