The central banks of the UAE and Egypt have confirmed they are working closely together regarding Banque Misr’s operations in the Emirates following a notice from the US Treasury. The development comes after US authorities proposed restricting Banque Misr’s UAE branches from conducting certain US dollar transactions over alleged dealings connected to Iran. The proposed action is part of Washington’s broader efforts to limit Iran’s access to the international financial system.
In a joint statement, the Central Bank of the UAE and the Central Bank of Egypt said they would maintain continuous coordination to ensure Banque Misr’s UAE branches continue operating normally. The bank has also been instructed to take the necessary measures within the period specified under the regulatory process.
Banque Misr said its UAE branches remain operational and continue serving customers under applicable rules and regulations. The bank also clarified that the proposed US action applies specifically to its UAE operations and does not affect its branches in Egypt or other countries.
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