UAE Central Bank Acts on Bank Misr

The Central Bank of the UAE announced an urgent inspection of the branches of Bank Misr operating in the UAE, following the United States' imposition of sanctions on the bank due to its connections with Iran. The inspection included a comprehensive review of banking transactions, with a focus on affected companies. According to the statement, the branches are subject to UAE laws and are working to protect the financial system from reputational risks. The bank is also evaluating its options regarding its status amid the American sanctions, while remaining compliant with local and international legislation. This comes after the US announced measures against an Egyptian bank and companies linked to Iran, aiming to cut financial ties with the Iranian regime.

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