The central banks of the United Arab Emirates (UAE) and Egypt announced on the 30th that they are coordinating regarding Bank Misr, a major Egyptian bank. This follows the US Treasury's decision to cut off all of the bank's branches in the UAE from dollar-denominated transactions due to its dealings with Iran. In a joint statement, the two central banks said that Bank Misr will take all necessary measures to continue its operations as usual. The sanctions proposed by the US government are expected to take effect within 30 days after a public comment period. Only Bank Misr's branches in the UAE will be affected by the inability to conduct dollar transactions. On the 29th, the bank stated that it is reviewing the US Treasury's notification.
US Treasury cut off Bank Misr's UAE branches from dollar-denominated transactions over Iran dealings, a sanctions/trade-weapon measure.
