NBE Disbursed EGP 425.5 Mln Worth Of Yellow Remittances

The National Bank of Egypt (NBE) disbursed EGP 425.500 million worth of 118,700 yellow remittances in the fifth month of disbursing such remittances, said Mohamed Ihab, head of transaction banking group at NBE.

There are still 27,000 yellow remittances worth EGP 145,000 to be disbursed. The process of disbursement is currently slow, while the first three months of disbursement witnessed a high turnout on banks.

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 thousand Egyptians, who left the country in the 1990s during the Arab 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.