The Arab Monetary Fund (AMF) holds a virtual workshop on the US Dollar inclusion in Buna

The workshop will take place Today, Thursday February 4, 2021

More than 200 senior officials will attend, representing central banks and a wide spectrum of financial institutions from the region and beyond

The inclusion of the US Dollar showcases the abilities of Buna as a contributor to safer and more efficient cross-border payment at global level

Abu Dhabi, 04 February 2021: The Arab Monetary Fund (AMF) holds today, Thursday February 4, 2021 a workshop to shed light on different elements related to the inclusion of the US Dollar as a settlement currency in Buna (the cross-border payment system owned by the AMF).

The workshop will host more than 200 senior officials representing Arab and international central banks along with various institutions from the financial, banking and payment sectors from the region and beyond, looking to learn more about Buna’s work progress, recent developments, and future plans.

During the workshop, a senior representative of JP Morgan and Buna executive team, will share insights and important information on Buna’s recent success of adding the US Dollar to its diversified list of Arab and International settlement currencies. The workshop will also allow discussing Buna’s next steps and plans to increase and strengthen the level of cooperation with its growing network of participants.

At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “The designation of JP Morgan as the Buna’s settlement bank for the U.S. Dollar reaffirms the objective of Buna to operate in compliance with the highest international standards and best global practices. It represents another major step in Buna’s ongoing efforts to continuously strengthening its business model, diversifying its offering, and reinforcing its global dimension, hence contributing to safer and more efficient cross-border payment.”

“With this arrangement, we provide our growing network of participants with the opportunity to execute cross-border payments in US Dollar in real time, directly from the originating bank to the beneficiary bank. This is once again a testament of our commitment to be a multicurrency payment system that processes payments in Arab and international currencies. With the support of all the industry stakeholders, led by the Arab central Banks and the Arab Monetary Fund, we are consistently delivering our objectives and we will continue bringing value to our participants and supporting them in growing and diversifying their products and services, thanks to our innovative solutions, high commitment to compliance and security standards.”  Added Manaa.

Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost- effective, risk-controlled, and transparent environment. Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements. Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.