Joint Cooperation Decision by UAE and Egypt Central Banks

Following the US Department of the Treasury's decision to halt dollar transactions for Banque Misr's branches in the UAE, the central banks of the UAE and Egypt issued a joint written statement conveying a message of cooperation.

Sanction Decision and Statement

Developments occurred after the US Department of the Treasury decided to halt dollar transactions at Banque Misr's branches in the UAE due to its relations with Iran. Following this development, a joint written statement was issued by the central banks of the UAE and Egypt.

Cooperation and Normal Process

In the joint statement, it was noted that there would be mutual cooperation and coordination to ensure that Banque Misr's branches in the UAE continue to conduct all their operations in a normal manner.

Enforcement Process and Restrictions

The sanction decision made by the US Department of the Treasury is expected to take effect within thirty days after the completion of the public comment period. When the decision enters into force, the branches will not be able to carry out dollar transactions.

Economic Exclusion Operation

US Treasury Secretary Scott Bessent announced in a statement on August 24 that they had launched an economic exclusion operation aimed at cutting off the economic lifelines sustaining Iran. In this context, the Banque Misr step became the first concrete measure.