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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 7:50
Baghdad - Cairo / agencies
denied the Egyptian central bank intervention to divert 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 central any income out.
An official source at the Central Bank of Egypt, according to 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 need dollars to buy its gasoline, diesel and LPG from abroad, and the central bank does not have any income in the disbursement of the amount of transfer 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 the disbursement of remittances on a commission of 1% of the value of transfer, because it will provide hours of work after official hours, and will reward its employees who have continued at work until six thirty in the evening. "
continued the Egyptian banks in exchange remittances Yellow Egyptian workers who returned from Iraq in the period between May 89 and June 1990, what the cause of congestion on the branches of banks participating in the exchange which is civil, Egypt and the Arab-African and Alexandria.
For his part, said 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, and in case of death is proof of entitlement 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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