Egypt denies money orders Iraq use to support yellow of its currency reserves

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Egypt denies the use of money orders Iraq to support the yellow of its currency reserves

On: Saturday 31/03/2012 7:51
Baghdad - Cairo / agencies

Central Bank of Egypt has denied intervening to exchange remittances of Egyptians working in Iraq in pounds instead of dollars, pointing out that this was based on the Egyptian government's decision represented in the Ministry of Finance and not to any income by the central.

An official source at the Central Bank of Egypt, according to the agency "Twilight News" that the Egyptian Ministry of Finance is currently yellow, regardless the value of remittances to the beneficiaries of Egyptian workers in pounds instead of dollars to exploit the strengthening of the dollar reserves of foreign currency."

He added that "the state needs to buy dollars for its gasoline, diesel and LPG from abroad, and the central bank does not have any income in the amount of transfer payment in local currency, but the decision is up to the Egyptian government, represented by the Ministry of Finance."

And that "the benefits of Egyptians working in Iraq, amounting to $408 million has been fully converted to pound worth about 25 billion pounds and began spent since last Sunday."

He pointed out that "it is scheduled to get banks to participate in exchange remittance commission to 1% of the value of the transfer, because it will extend the hours of work after official hours, and will reward employees who continued to work until six thirty in the evening."

Continued Egyptian banks in exchange remittances of Egyptian workers yellow, which returned from Iraq in the period between May 89 and June 1990, what the cause of congestion on the branches of banks participating in a civil exchange, Egypt and the Arab-African and Alexandria.

For his part, director of retail banking at the Bank of Alexandria, Basil Rahmi "The documents required for the exchange is out of the national ID card of the receivable, and the origin of remittances yellow, or a passport that is installed by the conversion, in the case of renewal behavior of a receivable on funds that have been converted in his favor, in the case death is proof of entitlement to these funds by informing genetics."

Sources indicate that the timetable for the disbursement of remittances came according to the seniority of the issuance of transfer from Iraq, and that the banks will, regardless of money orders issued October 8, 1989 to 5 October of the same year this week.

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Egyptian complaints against Rafidain Bank ... Disbursement of 781 million pounds of yellow remittance

2012-04-09

Baghdad/JD/... The Egyptian Central Bank announced that it had been disbursed 781 million pounds of the total value of receivables remittances yellow, over the past two weeks, equivalent to 3% of the total value of remittances, made 14 companies in addition to residents of many complaints against Rafidain Bank that disburse remittances yellow.

Egyptian Central said in a statement seen by/JD/began Sunday four banks involved in the disbursement of money, yellow and Egypt and Alexandria and the Arab-African, disbursement of the third tranche of eligible, where paid NCB remittance from Rasheed Bank branches during the period from 16 November until December 17, 89, 89, and cashed the Bank of Egypt, remittances from the Al Rafidain Bank during the period from December 7 until January 15, 89, 1990.

Director of banking operations by Ehab Mohammed Ahli Bank, the Bank cashed nearly 50,000 transfer out of 126 a wire transfer.

The Arab African International Bank, remittances of Rafidain and Rasheed from November 1 until November 30, 89, 89, distract Alexandria via its subsidiaries, remittances transferred during the period from October 16, 89, until November 15, 89.

Sources said the African Arab Bank official said the Bank has disbursed approximately 34,000 remittance, Bank to take the necessary measures to provide and customize the number of buses, transfer money for free from owners that severely crowded branches to other branches quietest.

So from 14 companies in addition to residents of many complaints against Rafidain Bank that disburse remittances yellow.

The report issued by the Bank of Egypt: that due to protests in Egypt provides yellow remittances from 14 companies in addition to residents of many complaints against Rafidain Bank, which paid to those affected by the Egyptians from the remittances of the Iraqi invasion of Kuwait because of the inability to enter the practice of architecture and their normal lives.

Iraq reportedly announced in mid-March, agreeing to pay $408 million for hundreds of thousands of Egyptian workers who fled because of Saddam's invasion of Kuwait in 1990-1991 and continues them wages owed after fleeing Iraq.

On 24 March, four Egyptian banks are: Al ahly of Egypt, Alexandria, Egypt, and the Arab-African through 459 branches scattered throughout the Republic exchange procedures for transfers.

Scheduled to continue cashing money orders affected even 10 yellow June and divided by 12 weeks to disburse remittances Egyptian pound full-value assignment, according to the dollar and is the current price on the same day as the receipt of remittances cover after deduction of Bank Commission Iraq 1 per cent of the value of hawala. /finished/22