AAIB Disbursed 92% Of Yellow Remittances

The Arab African International Bank (AAIB) disbursed 114,000 yellow remittances worth EGP 435 million, while the bank was assigned to disburse EGP 470 million worth of yellow remittances.

Sources said the bank disburses about 50 remittances daily in the current period, compared to about 5,000 remittances daily in the first days of the disbursement process. The bank allocated 26 of its 50 branches to disburse such remittances.

The Central Bank of Egypt (CBE) did not issue instructions to stop the disbursement process, so the bank continues to disburse the remittances.

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.