Joint Move by UAE and Egypt Central Banks Following US Sanctions Decision

Following the decision by the United States to halt dollar transactions for the UAE branches of Banque Misr, the central banks of the United Arab Emirates and Egypt issued a joint written statement announcing that they will act in coordination and cooperation.

Joint Statement from Central Banks

Following the sanction decision taken by the US Department of Treasury on August 28 citing relations with Iran, the central banks of the United Arab Emirates and Egypt took action.

In the joint written statement issued by the central banks of the two countries, it was emphasized that there will be full cooperation and coordination to ensure that Banque Misr's branches in the UAE continue all their operations normally.

Details of the Sanction and the Process

This sanction decision taken by the US Department of Treasury is expected to officially enter into force within 30 days after the completion of the public comment process.

As a result of this decision, Banque Misr's UAE branches will henceforth be unable to carry out any dollar transactions.

Economic Exclusion Operation

US Treasury Secretary Scott Bessent announced on August 24 that they had launched an economic exclusion operation aimed at cutting off Iran's economic resources.

Bessent had clearly stated that countries maintaining commercial relations with Iran would also face the risk of secondary sanctions.

This sanction decision targeting Banque Misr's UAE branches constitutes the first concrete step taken within the framework of this comprehensive economic exclusion operation announced by the US government.