AAIB Disbursed 111,000 Yellow Remittances Worth EGP 423 Mln

The Arab African International Bank (AAIB) disbursed EGP 423 million worth of yellow remittances in the fifth consecutive month of disbursing such remittances. Sources said the bank will pay EGP 47 million worth of yellow remittances in the upcoming period, noting that the Central Bank of Egypt (CBE) has set a deadline at the end of 2012 for disbursing the total value of yellow remittances.

The disbursing process is slow as about 50 remittances are disbursed daily, while the first three months of disbursement witnessed a high turnout on banks. AAIB allocated 26 branches for the disbursement out of its 50 branches spread across all governorates in Egypt so as to save the customers’ time and effort, sources added.

The National Bank of Egypt, Arab African International Bank, Banque Misr and Alex Bank are disbursing US$ 408.38 million, the value of yellow remittances owed by Iraq to 670, 000 Egyptian workers who left the country in the 1990s during the Gulf war

The Ministry of Workforce and Immigration announced that the required documents for disbursing yellow remittances are the original remittance or the passport in which it is documented the value of remittances.