🔻UAE and Egypt central banks coordinate over “Bank Misr”

🔻UAE and Egypt central banks coordinate over “Bank Misr”

The central banks of the United Arab Emirates and Egypt announced today that they are coordinating with each other regarding the status of the branches of “Bank Misr” in the UAE.

The U.S. Treasury Department has announced that it will bar all branches of this bank in the UAE from dollar transactions due to their dealings with Iran.

The U.S. move is among Washington’s first public actions in an effort to isolate Iran’s economy.

The central banks of the United Arab Emirates and Egypt, in a joint statement, said that Bank Misr will take all necessary measures to continue its commercial activities in the usual manner.

In a statement, Bank Misr said that it respects the decision of the U.S. Treasury Department and will, “with the utmost seriousness,” review the activities of its branches in the UAE from the standpoint of compliance with the law.

The UAE central bank, in a statement, said it is carrying out “special and urgent” inspections into the activities of Bank Misr’s branches in the country, which includes a detailed and expert review of the records related to the time period mentioned in the statement by U.S. officials."

“Bank Misr,” which is one of Egypt’s largest banks.

According to the bank, only its branches in the UAE have been subject to these sanctions.