Banque Misr's Sanctions: A Test for Egypt's Financial Independence The US Treasury's decision to cut off correspondent banking access to Banque Misr UAE is a significant move in the ongoing struggle between Iran and the international community.
The proposed rule would revoke Banque Misr UAE's access to the US financial market, effectively shutting down its ability to conduct dollar transactions.
This measure targets Banque Misr UAE's USD transactions with correspondent banks only, but it poses a serious reputational risk for Egypt's second largest bank. The estimated $1.