US cuts off major Egyptian bank from global financial system

US cuts off major Egyptian bank from global financial system The US Treasury on Friday announced plans to cut off Banque Misr's branches in the United Arab Emirates from the global financial system, as the Trump administration seeks to "asphyxiate" what it said were Iran's "enablers". Banque Misr is Egypt's second-largest bank. Its Emirati arm will no longer be able to do business in US dollars as of 28 September, under the new plans.