News

The Arab Monetary Fund (AMF) holds a virtual workshop to share recent updates on Buna’s status and future plans and explore important aspects related to Buna instant payment services

 

Abu Dhabi, 12 May 2022: The Arab Monetary Fund (AMF) holds today, Thursday, May 12, 2022, a workshop to elaborate on Buna (the cross-border payment system owned by the AMF) progress on multiple fronts and share updates on its recent developments and future plans.   

During this workshop, the Buna team will take you through the journey of Buna as a cross-border payment system that includes multiple Arab and international currencies, a growing network of participants, and different initiatives for interoperability with regional and global players in the payment industry.  

Further details on Buna Instant payment services (IPS) will be highlighted during the workshop, covering aspects related to liquidity management and connectivity.

Governors Arab Day for Financial Inclusion - April 27, 2022 Under the overarching theme: “Importance of the Social Responsibility of Financial and Banking Institutions in Increasing Financial Inclusion”

The issue of enhancing access to finance and financial services in the Arab countries is receiving growing attention from the Council of Arab Central Banks and Monetary Authorities Governors, in recognition of the potential and significant opportunities that can be achieved by increasing financial inclusion to support inclusive and sustainable economic development, address unemployment challenges and achieve equality. There is no doubt that the repercussions and challenges for the financial and banking sector during the recovery phase from COVID-19 crisis clearly highlight the pressing need to enhance sustainable finance and the social responsibility of financial and banking institutions to serve sustainable development.

Arab Monetary Fund releases a study on "The challenges of applying accounting standards in the digital age"

In line with its strategy for the period (2020-2025) and in the context of its research activities to support decision-makers in Arab countries, the Arab Monetary Fund (AMF) has released a study on “The challenges of applying accounting standards in the digital age”.

The study sheds light on the growing challenges that accompanied the occurrence of the digital economy on financial statements, accounting data, and the appropriate disclosure and presentation mechanisms of the digital companies, as they are considered unique challenges. The repercussions of those challenges continue and increase, and most of them are still under discussion.

The Arab Monetary Fund (AMF) announces a Memorandum of Understanding with the African Export-Import Bank to support the expansion of economic and financial ties between the Arab region and Africa

Abu Dhabi 21 April 2022: The Arab Monetary Fund (AMF) and the African Export-Import Bank (Afreximbank) announced today the signing of a Memorandum of Understanding (MoU) that sets the foundation for cooperation and interoperability between Buna, the cross-border and multi-currency payment system owned by the AMF, and the Pan-African Payment and Settlement System (PAPSS), owned by Afreximbank.  

The Arab Monetary Fund (AMF) holds a virtual workshop to elaborate on the start of the euro operations in Buna and share recent updates on Buna’s Instant Payment and interoperability plans with PAPSS

Abu Dhabi, 14 April 2022: The Arab Monetary Fund (AMF) holds today, Thursday, April 14, 2022, a workshop to elaborate on Buna’s (the cross-border payment system owned by the AMF) preparations to start the provision of cross-border payments services in euro.  

At the occasion of announcing the imminent start of the euro operations in Buna, the workshop will host a guest speaker from Standard Chartered Bank to talk about their role as the settlement bank for the euro in Buna and detail the process of executing payments in this international currency through Buna. Additionally, a high-level representative of the European Central Bank will share his views on the value that Buna brings to the Arab region, by enabling a seamless, safe, and efficient usage of the euro in cross-border payments.

Arab Monetary Fund and ESM Sign Memorandum of Understanding To enhance technical cooperation in the context of strengthening Global Financial Safety Net (GFSN)

Abu Dhabi, UAE, 21 March 2022: The Arab Monetary Fund (AMF) and the European Stability Mechanism (ESM) signed a Memorandum of Understanding (MoU), providing a general framework to strengthen collaboration in matters of common interest between the two Regional Financing Arrangements in the context of strengthening Global Financial Safety Net (GFSN).   

The MoU covers the preparation of joint activities, including the annual High-level dialogue among Regional Financing Arrangements (RFAs) and between RFAs and the International Monetary Fund (IMF) as well as the Joint RFA Research Seminar. The MoU also includes the possibility of doing joint research by ESM and AMF staff and collaborating through other modalities such as technical cooperation, capacity building, information sharing, and staff exchanges.