In its continued efforts to support policymakers in Arab countries, the Arab Monetary Fund (AMF) published the 19th edition of its "Arab Economic Outlook" report. The report offers a detailed analysis of the economic performance and prospects of Arab countries, considering the latest global economic developments and their potential impacts on the region. The report aims at helping policymakers throughout the Arab world in navigating the complex global economic environment. It provides insights on the economic growth and inflation trends for the Arab region and the groups of Arab countries. The AMF recognizes the importance of understanding the unique challenges and opportunities facing the Arab countries in a highly interconnected and uncertain world. Therefore, this report not only sheds light on the current economic situation but also highlights the growth potential and progress in the coming years by identifying the views and expectations of the experts and policymakers in the Arab countries and the sources of growth in the Arab region.

The Arab Monetary Fund Board of Governors appoints Dr. Fahad Mohammed A Alturki as Director General Chairman of the Board, to complete the remaining period of H.E Dr. Abdulrahman A. Al-Hamidy’s presidency which will end on March 5^th, 2024, and for a new 5-year term 2024-2029. The appointment came after accepting the resignation of Dr. Al-Hamidy as Director General Chairman of the Board. Furthermore, the Board of Governors praised Dr. Al-Hamidy sincere efforts and dedication since 2014. 

Abu Dhabi, November 6^th, 2023: Buna, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, which is owned by the Arab Monetary Fund, announced Abu Dhabi Commercial Bank (ADCB) and Jordan Ahli Bank (ahli) as the first users of its Payment versus Payment (PvP) service, which supports safer settlement for foreign exchange (FX) trades. 

Buna’s PvP mechanism ensures that settlement in one currency occurs if and only if the settlement of the other currency occurs simultaneously, resulting in a more efficient and secure way of conducting settlement of foreign exchange transactions, in line with one of the building blocks of the G20 roadmap to enhance cross-border payments.

Abu Dhabi, November 3, 2024: In a ceremony hosted by the Arab Monetary Fund (AMF), H.E Dr. Abdulrahman Abdullah Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund (AMF), and H.E Mr. Jameel Ahmad, Governor of the State Bank of Pakistan, signed today a Memorandum of Understanding (MoU). The MoU is signed to establish a framework of cooperation between Buna, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by AMF, and Raast, Pakistan’s Instant Payment System. 

The integration of Raast with Buna aims to facilitate Cross-border Remittances between the Arab region and Pakistan through formal channels. This initiative will benefit individuals as well as businesses not only through instant, safe and cost-effective cross border payments, but also by strengthening economic, financial, and investment ties between the Arab countries and Pakistan. 

Abu Dhabi, October 27, 2023: Buna, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, which is owned by the Arab Monetary Fund, welcomes the recent publication of the report by the Committee on Payments and Market Infrastructures (CPMI) regarding harmonized ISO 20022 data requirements for cross-border payments that will facilitate global collaboration to enhance cross-border payments. 

Since its inception, Buna adopted ISO 20022 messaging standard and initiated different interlinking initiatives supporting its objectives of enhancing cross-border payments and strengthening the economic ties between the Arab region and its main global partners. The adoption of the 12 harmonized ISO 20022 data requirements published by the CPMI will facilitate Buna’s ambition as the harmonization is expected to reduce the inefficiencies that occur due to misaligned message flows and inconsistent data usage along the cross-border payment chain.