RBC Limits Use Of U.S. Dollar Accounts

"It's their currency, they have the right to decide how it's used," he said in an interview. "If you want to write a cheque to someone, make a payment in a U.S. dollar, most times it's going to clear through the U.S. and it has to meet their rules and regulations," Moorcroft added. The Royal Bank has major bank and brokerage operations in the United States. The national president of the Canadian Islamic Congress is urging Canadians to open foreign accounts in different currencies other than the U.S. dollar. Mohamed Elmasry said the restricted list is a political decision made by the U.S. administration. "It is an American interference in Canadian business and should be totally rejected by the Canadian banking system," said Elmasry. The Canadian Bankers Association declined to comment and said the country's banks could comment individually. "There must be ways for the Royal Bank to say to the American administration that our citizens and our landed immigrants (of Canada) are free to open accounts in any currency they wish." He also said if it's only the Royal Bank that following U.S. instructions, there may be a call for a boycott. http://www.canada.com/globaltv/national/story.html?id=65f07c95-1798-43d2-9246-2b00e93bc4c7 [Proofreader's note: this article was edited for spelling and typos on January 17, 2007]

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