Egypt, UAE Central Banks Coordinate After US Cuts 6 Banque Misr Branches Over $1.8 Billion Iran Links
Updated
Updated · Business Insider Africa · Aug 31
Egypt, UAE Central Banks Coordinate After US Cuts 6 Banque Misr Branches Over $1.8 Billion Iran Links
1 articles · Updated · Business Insider Africa · Aug 31
Summary
Egypt’s and the UAE’s central banks said they are coordinating to keep Banque Misr operating smoothly after the US cut the bank’s six UAE branches from the US financial system.
The Treasury said those branches processed about $1.8 billion in transactions from January 2024 to June 2026 for 103 companies potentially tied to Iranian shadow-banking networks, making them a channel for Iran’s dollar access.
US financial institutions are now barred from processing transactions involving the targeted branches, while Egypt’s central bank said the restrictions do not apply to Banque Misr’s Cairo headquarters or other overseas operations.
The UAE central bank has opened an urgent examination of the branches’ transactions over the period cited by Washington, and Banque Misr said it is reviewing the US notice and its implications.
The case puts added pressure on a major Gulf-Africa banking link as Washington broadens financial restrictions on Iran during the ongoing US-Iran war.