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The central banks of Egypt and the United Arab Emirates agreed on Sunday to coordinate efforts to maintain normal business operations at UAE branches of Banque Misr.
The decision follows a US Treasury Department proposal to ban American financial institutions from processing transactions with the state-owned Egyptian lender’s UAE units.
Both central banks issued a joint statement promising that Banque Misr will take all required measures to address the American regulatory proposal.
يؤكد #مصرف_الإمارات_المركزي والبنك المركزي المصري على التعاون والتنسيق التام والمستمر بشأن مواصلة فروع بنك مصر في دولة الإمارات العربية المتحدة مزاولة أعمالها بصورة طبيعية، مع اتخاذ كافة الإجراءات والتدابير اللازمة خلال الفترة المحددة لذلك. pic.twitter.com/7UCgtNIUBK
— Central Bank of the UAE (@centralbankuae) August 30, 2026
The US Treasury proposal accuses Banque Misr UAE of operating as a key financial hub for Iran, allegedly processing $1.8 billion between January 2024 and June 2026 for front companies linked to Iran’s Defence Ministry and the Islamic Revolutionary Guard Corps.
Federal authorities allege the bank helped Tehran evade sanctions and launder money through illicit shadow banking networks.
To counter this access to US currency, the proposed rule strictly prohibits American banks from transacting with Banque Misr’s UAE operations.
In response to the allegations, the UAE Central Bank launched a formal forensic investigation into Banque Misr UAE’s activities.
Emirati banking authorities stated that they are evaluating future regulatory steps to protect the local financial sector if the US Treasury fully implements the proposed restrictions.
