CBUAE, Central Bank of Egypt Issue Joint Statement

The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt affirmed their full and continuous cooperation and coordination regarding the continued normal operation of all activities of Banque Misr branches in the United Arab Emirates.

The statement came as part of the follow-up on a proposal issued by the US Department of the Treasury concerning a regulatory rule providing for the imposition of a special measure relating to Banque Misr branches in the UAE.

In a joint statement, the two central banks said that Banque Misr branches in the UAE will take all necessary actions and measures within the specified period.