AlexBank Disburses 55% Of Yellow Remittances

Alex Bank Intesa Sanpaolo disbursed EGP 600 million, the value of 55% of the total yellow remittances scheduled to be disbursed this month, to 145 thousand of the owners of these remittances, money owed by Iraq to Egyptian workers who left the country in the 1990s during the first gulf war.

Basel Rahmy, head of retail banking department, said Central Bank of Egypt allocated EGP 1,000,360,000 for Alex Bank to disburse to 282 thousand people, which is the highest percentage allocated for a bank in Egypt.

Increasing the bank’s branches from 55 to 75 assigned to disburse the remittances has contributed in decreasing the overcrowding on the branches, Rahmy added.

National Bank of Egypt, Arab African International Bank, Banque Misr and Alex Bank are disbursing the yellow remittances whose value is US$ 408.38 million owed to 670 thousand Egyptians.