The UAE and Egyptian central banks are co-ordinating with regard to Banque Misr, they said yesterday, after the US 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 it was reviewing the US Treasury notice.
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