US Proposes Limits on Egyptian Bank Over Iran Ties
The Trump administration is proposing to limit Banque Misr's operations in the UAE, citing its support for Iran amid ongoing sanctions. The new rule would cut the bank's Emirati branches from the U.S. financial system. This follows a campaign led by Treasury Secretary Scott Bessent urging countries to sever financial ties with Iran. The measure specifically targets dollar transfers and does not affect other Egyptian banks or Banque Misr's operations in Egypt. The Central Bank of Egypt confirmed awareness of the proposal and stated it is in communication with U.S. officials. The rule will undergo a 30-day public comment period before implementation.
Published 23 hours ago • 29 Aug 2026, 01:51 AM IST