UAE, Egypt coordinate over Banque Misr bank after US Treasury notice on Iran links, dollar curbs

Egypt's Banque Misr is reviewing US sanctions targeting its UAE branches for alleged Iran dealings The United Arab Emirates and Egyptian central banks are coordinating over Banque Misr after the US Treasury proposed cutting off the Egyptian bank’s UAE branches from dollar transactions over alleged financial links to Iran.In a joint statement on Sunday, the two central banks said Banque Misr would take “all necessary measures” to continue its business as usual, reported Reuters.The proposed US measure is expected to take effect less than 30 days after a public comment period. It applies only to Banque Misr’s UAE branches and would prevent them from carrying out transactions in US dollars through the US financial system.Banque Misr said on Saturday that it was reviewing the US Treasury notice.The move comes as Washington steps up pressure on banks and financial institutions seen as facilitating Iran’s access to the global financial system.Meanwhile, US treasury secretary Scott Bessent told Reuters on Sunday that the department was likely to announce new secondary sanctions against Iran-linked entities every week, with banks an initial focus.“You're going to see a lot more of these ev...