UAE, Egyptian Central Banks Coordinating on Banque Misr after US Treasury Notice over Iran

The United Arab Emirates and ​Egyptian central banks are ‌coordinating with regard to Banque Misr, they said on Sunday, after ​the U.S. Treasury said ​it was cutting off all the ⁠bank's UAE branches from ​dollar transactions over its dealings ​with Iran. Banque Misr will take all necessary measures to conduct its business ​as usual, the central banks ​said in their joint statement.

US government's ‌proposed ⁠punishment is expected to come into effect in less than 30 days after a public ​comment period. Only ​UAE ⁠branches of Egypt's second-largest bank would be unable ​to carry out transactions ​in ⁠dollars. Banque Misr said on Saturday it was reviewing the US ⁠Treasury ​notice. - Reuters