Four Egyptian Banks Disbursed Over 400,000 Yellow Remittances

National Bank of Egypt (NBE), Banque Misr, Alex Bank Intesa Sanpaolo and Arab African International Bank disbursed EGP 1.550 billion this week, the value of 404.5 thousand yellow remittances, money owed by Iraq to Egyptian workers who left the country in the 1990s during the first gulf war.

NBE disbursed 81.5 thousand yellow remittances with value of 294 million. The disbursement process was organized as the Bank allocated 258 branches across Egypt, said Hazem Higazy, head of retail banking department at NBE.

Banque Misr disbursed 73 thousand remittances with value of256 million through 120 branches, sources said.

Alex Bank Intesa Sanpaolo disbursed 170 thousand yellow remittances with value of EGP 680 million through 75 branches of its total 200 branches, said Sherif Lokman, head of branches.

Arab African International Bank disbursed 80 thousand yellow remittances with value of EGP 320 million, said Amr Abdelal, head of branches.

The value of all yellow remittances is US$ 408.38 million transferred by Iraqi government to Central Bank of Egypt which is due to 670 thousand Egyptians.