🔸The Central Bank of the UAE announced that, following an action by the U.S. Treasury Department

🔸The Central Bank of the United Arab Emirates announced that, in response to the U.S. Treasury Department’s action against the branches of Egypt’s Bank in this country, it has started a “special and urgent” review of the activities of these branches.

🔸The institution said on Saturday, the seventh of Shahrivar, that the review includes a deep re-examination of transactions in a period that U.S. officials have pointed to.

🔸The Central Bank of the UAE also emphasized that banks operating in this country should not expose the UAE’s financial system to “credit risks” and must comply with the laws of the countries that use its financial institutions to carry out transactions.

🔸The U.S. Treasury Department had announced on Friday that, due to transactions by the branches of Egypt’s Bank in the UAE with Iran, it has started steps to cut these branches’ access to dollar transactions.

🔸Egypt’s Bank also previously said on Saturday that it is reviewing the U.S. Treasury Department’s notice regarding restricting the dollar brokerage services of U.S. financial institutions to the branch of this bank in the United Arab Emirates.