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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