Central banks in Egypt, UAE join forces as US moves to cut Banque Misr from dollar system due to Iran links

Live updates

1. 15d ago

   Egypt and UAE central banks coordinate as US sanctions Banque Misr

   Central banks in Egypt and the UAE are coordinating a response after the US Treasury targeted Banque Misr over links to Iran. The US is moving to remove Egypt's second-largest bank from the dollar system, specifically targeting its branches in the UAE. This action is part of a broader US effort to increase Iran's economic isolation. While the UAE has announced a review of the bank, the two central banks are working together to manage the fallout from the US Treasury notice.

   Why it matters

   Banque Misr is the second-largest financial institution in Egypt. US sanctions on banks with Iranian ties typically restrict their ability to process transactions in US dollars, which can destabilize national banking systems.

   What is confirmed

   • The US is targeting Banque Misr's branches in the UAE.
   • Banque Misr is the second-largest bank in Egypt.
   • The US Treasury's actions against the bank stem from links to Iran.
   • Central banks in Egypt and the UAE are coordinating following a US Treasury notice.

   What to watch next

   • The outcome of the UAE's formal review of Banque Misr
   • Official confirmation of the bank's status within the US dollar clearing system
   Sources used for this update (6)

   1. AP News — US targets Egyptian bank’s UAE branches under new push for Iran’s economic isolation
   2. Al Jazeera — Banque Misr, Egypt’s second-largest, hit by US sanctions: What to know
   3. The New York Times — U.A.E. To Review Banque Misr, Targeted by Iran Sanctions
   4. Reuters — UAE, Egyptian central banks say they are coordinating on Banque Misr after US Treasury notice
   5. Business Insider Africa — Central banks in Egypt, UAE join forces as US moves to cut Banque Misr from dollar system due to Iran links
   6. africa.businessinsider.com — Africa’s largest refinery faces fresh challenge at home as Dangote threatens to cut off petrol importers
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