AlexBank paid more than EGP 140 million owed to 30 thousand people which is the value of yellow remittances, money owed by Iraq to Egyptian workers who left the country during the first Gulf War in the 1990s, said Bassel Rahmy, head of retail banking at AlexBank.
Rahmy added that AlexBank is disbursing more than EGP 25 billion owed to about 6 thousand on a daily basis, reflecting the high pressure on the bank and the high attention given by the employees to the customers. In addition, the high administration of the bank is following up the disbursement procedures.
Large crowds at the bank’s branches came after a false assumption was circulated claiming that the value of yellow remittances will be depleted during the first phase of disbursements, Rahmy explained affirming that all owed remittances will be disbursed in the dates earlier announced by the Bank.
