UAE, Egyptian central banks say they are coordinating on Banque Misr

The central banks of the United Arab Emirates and Egypt are coordinating regarding Banque Misr. The US Treasury's Financial Crimes Enforcement Network proposed cutting off Banque Misr's UAE branches from dollar transactions due to its dealings with Iran. According to FinCEN, Banque Misr's UAE operations processed around $1.8 billion for 103 companies associated with Iranian shadow banking networks between January 2024 and June 2026.

The Central Bank of the UAE has ordered an urgent examination of Banque Misr's branches in the country, including a forensic lookback at transactions involving companies named by US authorities. The regulator is also considering options for the status of Banque Misr's UAE branches if the proposed measure proceeds. Banque Misr stated it would take necessary measures to continue its business as usual.

The US Treasury's proposed measure would prohibit US financial institutions from opening or maintaining correspondent accounts for Banque Misr UAE, restricting its ability to conduct dollar-linked business through the American banking system. The UAE and Egyptian central banks' coordination aims to address the implications of this proposal on Banque Misr's operations.

Brief written by urgent.news from Middle East Eye, Arabian Post — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.