UAE central bank opens a forensic review of Banque Misr's Emirates branches
The UAE central bank has ordered a special, urgent examination of Banque Misr's Emirates branches, including a forensic lookback over the period named by US authorities. It follows Washington's move against the branches over transactions it linked to Iranian shadow banking. Separately, Iranian state-linked reporting said oil revenue reached the central bank under the blockade, a claim that has not been independently verified.
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A UAE review follows Washington's move
The UAE central bank said it would conduct a special and urgent examination of transactions at Banque Misr's branches in the Emirates. The review includes a forensic lookback covering the period named by US authorities. The bank's action followed the US Treasury's move to cut the branches off from US financial institutions. Treasury alleged that the branches processed an estimated 1.8 billion dollars for 103 companies it described as part of Iranian shadow-banking networks.[1]
The review concerns a named transaction period
According to the UAE central bank, the examination will cover the banking transactions of companies named in the US statement. It is also considering options concerning the branches' status if Washington imposes its measures. The bank said any decision would take account of the branches' obligations to customers in the Emirates. Banque Misr said it was reviewing the US notice, while Egypt's central bank said it was in contact with US officials.[1]
Iran reports oil revenue reaching its central bank
Separately, the semi-official Fars News Agency reported, citing oil ministry data, that Iran transferred 7.5 billion dollars of oil-sale revenue to its central bank in the first four months of its year. It said the amount equalled 99 per cent of the budget projection for 21 March to 22 July and would cover foreign-currency spending from July through December. The report said the claim had not been independently verified.[2]
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