The UAE Central Bank announced Saturday an inspection of Egyptian state-owned Banque Misr's UAE branches, targeted a day earlier by US sanctions over alleged involvement in financial transactions with Iran.
Egypt's central bank responded swiftly, saying it was "in contact with the Americans regarding these measures © Mena Today
The UAE Central Bank announced Saturday an inspection of Egyptian state-owned Banque Misr's UAE branches, targeted a day earlier by US sanctions over alleged involvement in financial transactions with Iran.
"The Central Bank has decided to conduct a special and urgent review, which will include a thorough assessment covering the period referenced in the [US Treasury] announcement," it said in a statement carried by state news agency WAM.
On Friday, Washington announced the exclusion of Banque Misr's UAE branch from the US financial system, accusing it of facilitating financial exchanges with Iran. The UAE had already suspended all commercial and financial exchanges with Iran, following President Donald Trump's August 20 announcement of an unprecedented "economic war" against Tehran.
This marks the first concrete action taken by the US government since Treasury Secretary Scott Bessent announced earlier in the week his intention to cut Iran off from "all economic resources" to drive it toward "total isolation." In practice, the move should prevent the UAE subsidiary of Misr — Egypt's second-largest bank — from using the dollar in its daily transactions.
Washington had already tightened sanctions on Iran, extending them to gold, technology, digital assets, aviation and shipping.
"We have warned that those who facilitate things for Iran cannot continue to enjoy access to the dollar and the global financial system. Banque Misr UAE chose to find that out the hard way," Bessent said in a statement.
Egypt's central bank responded swiftly, saying it was "in contact with the Americans regarding these measures," which it stressed were "strictly limited to Banque Misr's UAE subsidiary and only concern dollar transactions," and did not target any bank within Egypt's banking system, including Banque Misr in Egypt itself.
In a statement Saturday, Banque Misr said it "fully complies with applicable regulatory and legal frameworks" and is "cooperating fully and constructively with the relevant authorities," adding that its UAE branch continues to "provide banking services to its clients in accordance with applicable rules and procedures."
A large plume of smoke was visible near Riyadh's main airport on Saturday after booms were heard and Saudi Arabia sent alerts overnight warning of potential danger around the capital, amid an escalation in attacks by Yemen's Houthi group.
Turkey has revoked the operating license of Iran's Bank Mellat, according to a notice published early Saturday in the official gazette.
The Casablanca Anfa dirt racecourse in Morocco will host the fourteenth leg of the UAE President's Cup for Purebred Arabian Horses tomorrow, part of the 33rd edition of the prestigious series. Seventeen horses representing elite studs and owners from Morocco, the Arab world and Europe will compete.
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