Bank of Alexandria, part of Intesa SanPaolo group, launched a campaign to encourage Egyptian working abroad to exchange their dollar remittances to Egyptian pounds, by giving them the chance to win prizes through monthly and annual draws.
According to Basil Rahmy, executive board member, head of retail banking sectors and small- and medium-enterprises (SMEs) at Bank of Alexandria, the bank is seeking, through this campaign, to increase the inflow of foreign currency to the Egyptian banking system.
It also seeks to meet the needs of SMEs and foreign companies for importing necessary products for factory operations and to support the Egyptian economy. This campaign will be launched in Egypt for all recipients of dollar remittances in 2016.
The bank began to implement other initiatives in key markets in the Gulf states, to attract remittances from Egyptians working there, which contribute to the inflow of foreign currency to the Egyptian market.
Bank of Alexandria offers prizes in return for every $250 to be exchanged to Egyptian pounds at all branches.
There will be a draw for monthly prizes during the first week of each month, while the grand prize draw will be held at the end of December 2016.