News

The Arab Monetary Fund Releases the 19th Edition of the Arab Economic Outlook Report, including an update on economic growth and inflation expectations in Arab countries for 2023 and 2024.

Key Highlights of the Report:

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 Board of Governors of the Arab Monetary Fund (AMF) accepts the resignation of H.E Dr. Abdulrahman A. Al-Hamidy as Director General Chairman of the Board and appoints H.E. Dr. Fahad Mohammed A Alturki

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 5th, 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. 

 

Banks go live with the Buna’s Payment versus Payment (PvP) Service, providing safer settlement of foreign exchange (FX)

The service is now operational in collaboration with Abu Dhabi Commercial Bank and Jordan Ahli Bank as the first users.

Adopting PvP as FX settlement mechanism contributes to the global effort led by the Group of Twenty (G20) to enhance cross-border payments.

Abu Dhabi, November 6th, 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.

The Arab Monetary Fund (AMF) and The State Bank of Pakistan (SBP) Sign a Memorandum of Understanding (MoU) to Facilitate Cross-border Remittances between the Arab region and Pakistan.

The MoU aims to create cross-border interlinking via Buna and Raast the respective instant payment systems of the Arab region and Pakistan.

This arrangement will help achieve greater financial inclusion and strengthen economic, financial, and investment ties between the Arab region and Pakistan.

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. 

 

Buna Welcomes CPMI’s Publication on Harmonized ISO 20022 Data Requirements for Cross-Border Payments

Buna has been natively ISO 20022 compliant and welcomes this additional level of harmonization that will support its interlinking initiatives and smoother cross-border payment 

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.

The Arab Monetary Fund publishes an economic study about: “Fiscal sustainability: An empirical analysis for Arab countries”

The fiscal sustainability of Arab countries has been significantly challenged by the COVID-19 pandemic.

A uni-directional causal relationship exists where government revenue leads to expenditure, affirming the revenue–spend hypothesis.

The Arab Monetary Fund published a study on "Fiscal sustainability in Arab countries". The study aims to shed light on the relationship between government revenue and government expenditure. The study analyses fiscal sustainability and the causal link between government revenue and expenditure for the period from 1990 to 2021 in a sample of Arab countries.

Buna holds its 44th virtual workshop

The workshop will highlight Buna’s involvement in the G20 efforts to enhance cross-border payments

Banks from the Kingdom of Saudi Arabia and the United Arab Emirates will also join the workshop to share their experience and express their views on the Buna services

Abu Dhabi, October 5, 2023: Buna (the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by The Arab Monetary Fund “AMF”), will hold its 44th workshop today, Thursday October 5th, 2023. On the path to progress, the workshop will highlight the continuation of G20 efforts to enhance cross-border payments and how Buna is actively contributing to it. Other sessions will involve participating banks from the Kingdom of Saudi Arabia and the United Arab Emirates. They will share their experience and express their views on the Buna services. 

Buna holds its 43rd virtual workshop

On the path paving the way to the COP28 hosted by UAE, the workshop will demonstrate the relevance of sustainability and ESG policies for Financial Market Infrastructures and how Buna responds to these challenges

The workshop will also address the criticality of business continuity in Financial Market Infrastructures and the preparation of Buna to ensure the efficiency of the platform’s operational system

Abu Dhabi, August 10, 2023: Buna (the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by The Arab Monetary Fund “AMF”), will hold its 43rd workshop today, on Thursday August 10th, 2023. On the path paving the way to the COP28, hosted by the United Arab Emirates, the workshop will demonstrate the relevance of sustainability and ESG policies for Financial Market Infrastructures (FMIs) and how Buna responds to these challenges. The workshop will also address the criticality of business continuity in Financial Market Infrastructures and discuss some of the challenges and the strategies in place set to mitigate potential risks in Buna.

The Arab Monetary Fund (AMF) extends a new loan to the Arab Republic of Egypt, with an amount of Arab Accounting Dinar 153.475 million, the equivalent of approximately USD 615.8 million, to support reforms in the financial and banking sector

The AMF extended a new loan to the Arab Republic of Egypt, with the amount of Arab Accounting Dinar 153.475 million, the equivalent of approximately USD 615.8 million, within the framework of the Structural Adjustment Facility in the Financial and Banking Sector.

On this occasion, H.E. the Governor of the Central Bank of Egypt expressed his appreciation for the AMF’s continued support and the important role it plays in strengthening the ability of Arab countries to maintain economic and financial stability and face different challenges. In turn, H.E. the Director General of the AMF valued the efforts pursued by the Egyptian government to implement economic and structural reforms, which contribute significantly to the development of the Egyptian economy and sustaining an enabling environment for the domestic and foreign business sectors, stressing the AMF keenness to continue the fruitful partnership with the Egyptian government to help the country address the different challenges in the most effective way.

Buna holds its 42nd virtual workshop

The workshop will demonstrate how Buna contribute to greater financial inclusion by interlinking countries and regions

The workshop will also serve to unveil newest Buna products and achievements

More than 200 senior officials will attend the workshop, representing central banks and a wide spectrum of regional and global financial institutions

Abu Dhabi, June 22nd, 2023:Buna (the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by The Arab Monetary Fund “AMF”), will hold its 42nd workshop, on Thursday June 22nd. The workshop will demonstrate how Buna contribute to greater financial inclusion by interlinking countries and region. The workshop will also serve to unveil newest Buna products and achievements. 

One of the workshop’s sessions will demonstrate how, by connecting one region to another, Buna can influence opportunities of trade and investments between countries, and benefit individual citizens. In this context, our high level guest speakers, the deputy governor of the State Bank of Pakistan and the Deputy Director of the Financial Services for the Poor from the Bill & Melinda Gates Foundation will elaborate on the recent initiative aiming to interlink Buna with Raast the instant payment system operated by the State Bank of Pakistan.