UAE, Egypt central banks say Banque Misr branches operating as usual

The central banks of the United Arab Emirates (UAE) and Egypt said Sunday that branches of Egypt’s Banque Misr in the UAE were continuing to operate normally, following a proposal by the US Treasury Department for a regulatory measure targeting the branches.

In a joint statement, the two central banks said they were maintaining “full and continuous co-operation and co-ordination” over the matter.

Banque Misr’s UAE branches would take all necessary actions within the period specified under the proposed measure, the statement said.

The US Treasury proposal involves the possible imposition of a special regulatory measure related to the bank’s UAE branches.