UAE and Egypt Coordinate to Save Banque Misr UAE Branches

The Central Bank of the UAE and the Central Bank of Egypt have entered a cooperation agreement to ensure the continued normal operation of Banque Misr branches located within the United Arab Emirates. This joint effort follows a proposal from the United States Department of the Treasury to implement a regulatory rule that would impose special measures on those specific branches.

In a joint statement, the two central banks confirmed that Banque Misr branches in the UAE will take all necessary actions and measures within a specified timeframe to satisfy the regulatory requirements. The coordination aims to prevent service disruptions and maintain the bank's operational status in the region while addressing the concerns raised by the US Treasury.