UAE and Egypt central banks to coordinate with Banque Misr following US threat to revoke dollar access

The central banks of the United Arab Emirates and Egypt have announced increased coordination with Banque Misr following warnings from the US Treasury. This move comes after US officials threatened to revoke the bank's access to the dollar due to its alleged role in facilitating financial transactions for Iran. The US Treasury claims that the UAE branch of Banque Misr has acted as a critical node for Tehran's access to foreign currency. According to the report, the bank is accused of processing financial transactions for companies suspected of evading US sanctions against Iran. These developments highlight Washington's increasing pressure on regional financial institutions to prevent the transfer of currency to the Islamic Republic.