The UAE Central Bank announced on Saturday, the 7th of Shahrivar, that in response to the U.S. Treasury Department’s action against the branches of “Egypt’s Bank” in this country, it has begun a “special and urgent” inspection of the activities and transactions of these branches.

The bank said that the reviews will include a detailed and in-depth examination of transactions within the period referenced in the statements by U.S. officials. The U.S. Treasury Department has called for cutting off the access of Egypt’s Bank branches in the UAE to dollar transactions due to their dealings with Iran.

The UAE Central Bank emphasized that the branches of Egypt’s Bank in this country are subject to the laws and regulations of the UAE, and that licensed banks should not expose the country’s financial system to credit risks or misuse the UAE’s financial infrastructure.

Egypt’s Bank also announced that it is reviewing the U.S. Treasury Department’s notice, and that its branch in the UAE continues to provide banking services to its customers in accordance with the laws and executive procedures.