business π¦ US action forces UAE, Egypt central banks to coordinate
UAE and Egypt central banks issued a joint statement regarding Banque Misr's UAE branches after the US restricted their dollar transactions. The US targeted Egypt's second-largest bank, accusing it of aiding financial activity linked to Iran. This restriction, potentially taking effect within 30 days, means the bank loses correspondent banking access to US institutions. Both central banks confirmed measures are being taken to ensure Banque Misr continues its business as usual. The UAE regulator has also launched an urgent investigation into the bankβs local operations.