News

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.

The Arab Monetary Fund (AMF) launched its annual report on its activities in 2021, endorsed by its Council of Governors after briefing about the Fund's efforts to provide financial and technical support to promote economic and financial stability and achieve inclusive and sustainable growth in its member countries.

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.

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.  

In line with its continuous efforts to support the decision-making process in Arab countries, the Arab Monetary Fund (AMF) has released the Sixteenth Edition of the Arab Economic Outlook Report, including macroeconomic forecasts for Arab economies for 2022 and 2023.

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.

In line with its continuous efforts to support the decision-making process in the Arab countries, the Arab Monetary Fund (AMF) has released a study titled "The Role of Economic Freedom, Governance, and Business Environment in Attracting Foreign Direct Investment to the Arab Region".

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.

Abu Dhabi 17 March 2022: In a ceremony hosted by the Arab Monetary Fund at its headquarter in Abu Dhabi, UAE, Ms. Maha Bahou, CEO of The Jordan Payments and Clearing Company (JoPACC), a payment system operator owned by the Central Bank of Jordan and all commercial banks in Jordan, and Mr. Mehdi Manaa, CEO of Buna, the cross-border and multi-currency payment system owned by the Arab Monetary Fund (AMF), signed today a Memorandum of Understanding (MoU) putting in place a framework of cooperation between Buna and JoPACC. 
Under the terms of this MoU, Buna and JoPACC target to achieve interoperability between their instant payment services, Buna “IPS” and JoPACC’s "CliQ”, by providing innovative solutions that allow their participants to send and receive cross-border payments instantly in accordance with the highest compliance standards. 
The connectivity between Buna’s IPS and JoPACC, emphasizes Buna's role as a strategic hub that links national instant payment solutions and creates another payment rail targeting to support various use cases, including digital remittances and e-commerce. 

Abu Dhabi, 16 March 2022: The Arab Monetary Fund (AMF) holds on Thursday, March 17, 2022, a workshop to elaborate on Buna (the cross-border payment system owned by the AMF) plans to establish strategic partnerships that will lead to interoperability between Buna and other national and regional payment systems in the Arab region and in other global markets.  The workshop will also discuss the importance of message standards in supporting interoperability between payment services. 
This workshop will host the CEO of International Payments Limited (NIPL), the international arm of National Payments Corporation of India (NPCI), and the CEO of the Jordan Payments and Clearing Company (JoPACC), the operator of the national payment system of Jordan.
During this workshop, the leaders of NIPL and JoPACC, will talk about their collaboration with Buna to connect their instant payment solutions with the Buna instant payment services and offer their participants a safe and efficient payment rails to send and receive payments instantly.