Banque Misr Statement from the Central Banks of UAE and Egypt

A joint written statement was made by the central banks of the UAE and Egypt regarding the US Treasury Department's decision on August 28 to suspend dollar transactions of Banque Misr's branches in the UAE due to its relations with Iran.

In the statement, it was noted that cooperation and coordination will be maintained to ensure that Banque Misr's branches in the UAE continue to carry out all their transactions normally.

The sanctions decision taken by the US Treasury Department is expected to come into force within 30 days following the public comment period. With the decision taken by the USA, Banque Misr's branches in the UAE will not be able to carry out dollar transactions.

US Treasury Secretary Scott Bessent announced on August 24 that they had launched an "economic exclusion" operation in order to cut off all the economic lifelines that keep Iran afloat, and that countries that continue to do business with Iran face the risk of secondary sanctions.

This decision regarding Banque Misr's branches in the UAE was the first concrete step taken by the US government within the scope of the "economic exclusion" operation.