The Central Bank of the Kingdom of Bahrain and AMF announce the initiation of the inclusion of the Bahraini Dinar as a Settlement Currency in Buna Payment Platform

24-02-2020

In line with the announcement of the launch of the Buna regional payment platform affiliated to the Arab Monetary Fund (AMF), and as central and commercial banks commence the onboarding process to join the Buna platform, AMF in collaboration with the Central Bank of the Kingdom of Bahrain is pleased to announce the initiation of the inclusion of the Bahraini Dinar (BD) in Buna for the clearing and settlement of payments, alongside the U.S. Dollars, the Euro, the Jordanian Dinar, the Saudi Riyal, and the UAE Dirham as well as other Arab and international currencies to be annouced soon.

Buna is a multi-currency payment platform that clears and settles cross-border payments in eligible Arab and international currencies across the Arab region and beyond, with links to to major trade partners.

Buna employs enhanced compliance screening capabilities, in line with industry standards and in compliance with international sanctions and Anti-Money Laundering and Countering Financing of Terrorism (AML / CFT) requirements, as well as all relevant international standards and requirements. Additionally, the Buna Platform applies all currency-specific sanctions required by the relevant authorities of the potential currencies.

Moreover, commercial banks who meet participation eligibility criteria, which include rigorous compliance requirements, will be able to participate in the platform.

 

Arab Monetary Fund

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