Finance & Currencies
Banque Misr UAE branches face urgent central bank review
The United Arab Emirates central bank will carry out a special and urgent review of Banque Misr's branches in the country after US measures targeting the Egyptian bank's UAE operations.
The UAE central bank said the examination would include a forensic or in-depth lookback covering the period referred to by US authorities.
The US Treasury move announced Friday would block Banque Misr's UAE operations from banking access to US financial institutions. The action will take effect only after a month-long public comment period.
US Treasury Secretary Scott Bessent said Banque Misr, Egypt's second-largest bank, had provided what he called continued support for the Iranian regime. He said Washington was taking a first step in holding its UAE operations accountable.
Egypt's central bank said officials are in contact with the American side. It said the US measure is limited to transactions by Banque Misr branches in the UAE with US-dollar correspondents and does not extend to other banks in Egypt's banking sector.
The Treasury Department said Friday it was also imposing sanctions on the manager of the Dubai branch of Iran's Bank Melli and on a Hong Kong-based front company that it says helped launder funds for a sanctioned Iranian exchange house.
Bessent is due to appeal directly to G20 counterparts in bilateral meetings next week as finance ministers gather in Asheville, North Carolina.
Update
The UAE central bank said its examination of Banque Misr branches would be special and urgent and include a forensic or in-depth lookback covering the period referred to by US authorities.
Source note: AFP news report published on 29 August 2026 at 19:51:41 UTC.
Update
The UAE central bank is to inspect the Egyptian bank's branches after the US sanctions move.
Source note: AFP news report published on 29 August 2026 at 19:25:07 UTC.
Update
Egypt's central bank said officials are in contact with the American side about the measures.
Egypt's central bank said the US measure is limited to transactions by Banque Misr branches in the UAE with US-dollar correspondents and does not extend to other banks in Egypt's banking sector.
Source note: AFP news report published on 28 August 2026 at 17:04:28 UTC.
Update
The Treasury Department action will take effect only after a month-long public comment period.
Scott Bessent said Banque Misr UAE would be held accountable for what he called support for the Iranian regime.
The Treasury Department also said it is sanctioning the manager of the Dubai branch of Iran's Bank Melli and a Hong Kong-based front company accused of helping launder funds for a sanctioned Iranian exchange house.
Bessent is due to make direct appeals to G20 counterparts at finance meetings in Asheville, North Carolina, next week.
The item adds context on possible challenges in targeting larger institutions linked to Iranian oil trade, including in China.
Source note: AFP news report published on 28 August 2026 at 14:58:48 UTC.
Update
The bank is Banque Misr.
The move affects Banque Misr branches in the United Arab Emirates.
A US official said the Treasury Department is due to cut those UAE operations off from the US financial system.
Banque Misr is Egypt's second-biggest bank.
Source note: AFP news report published on 28 August 2026 at 14:35:36 UTC.
Uncertainty notes
The supplied material does not state what the UAE central bank examination may find or what further action it may take.
Source
AFP news report published on .