The UAE central bank said Saturday it would inspect a major state-owned Egyptian bank's branches, after Washington said it would cut off the institution's operations in the Gulf state from the US financial system. "For Banque Misr branches in the UAE, the Central Bank has decided to conduct a special and urgent examination that includes a forensic/in-depth lookback covering the period referred to in the statement issued by the US authorities," it said in a statement. The Treasury Department's action will only take effect after a month-long public comment period. The UAE Central Bank also said that it is currently studying the available options regarding the status of the bank in the event it is decided to impose the special measure against it after completing the procedures in accordance with US laws. "The appropriate decision in this regard will be taken in due course, taking into consideration the obligations of the bank towards its customers in the UAE."
