🔸The central banks of the United Arab Emirates and Egypt announced on Sunday that they are coordinating with one another regarding the status of “Egypt’s Bank,” which the United States has accused of cooperating with Iran.

🔸The announcement came after the U.S. Treasury Department said that, in response to transactions of this bank with Iran, it would cut off access of all of its branches in the United Arab Emirates to dollar transactions.

🔸The two countries’ central banks said in a joint statement that Egypt’s Bank “will take all necessary measures to continue its normal operations.”

🔸The proposed punitive measure by the U.S. government, after the end of the period for receiving public comments, is expected to be implemented in less than 30 days, and only Egypt’s Bank branches in the United Arab Emirates will be barred from conducting dollar transactions. This restriction does not apply to the bank’s branches in Egypt.

🔸On Saturday, Egypt’s Bank had said that it was reviewing the U.S. Treasury Department’s notice about this action.