News

Abu Dhabi, 6 July 2021 (10 am Abu Dhabi time): The Central Bank of Jordan (CBJ) and the Arab Monetary Fund (AMF) announced today the inclusion of the Jordanian Dinar as a settlement currency in Buna (the cross-border payment system owned by the AMF), and the signing of an agreement enabling Buna to execute cross-border payments in Jordanian Dinar.

The Jordanian Dinar is the fourth Arab settlement currency to join Buna’s payment platform, which includes so far, the UAE Dirham, the Saudi Riyal, the Egyptian Pound in addition to the US Dollar and the Euro. This milestone comes in line with Buna’s constant efforts to expand its growing and diversified list of Arab and International currencies and strengthen its position as the payment system of choice across the Arab world.

Abu Dhabi, 1 July 2021: The Arab Monetary Fund (AMF) holds today, Thursday July 1^st, 2021, a special workshop to propagate additional knowledge on Buna, the cross-border and multi-currency payment system owned by the AMF, covering various elements related to Buna activities and future plans.

During this workshop, Buna executive team will be enriching the current acquaintance of the banking community with Buna’s innovative solutions and its concrete contribution to the development of the payment sector in the Arab region and beyond, by addressing a diversified list of topics including operations, products roadmap, settlement model, as well as security and compliance frameworks.

The workshop will host more than 200 senior officials representing Arab and international central banks, along with various institutions from the financial, banking and payment sectors in the region and beyond, seeking valuable information about Buna’s recent plans and developments.

In line with its continuous efforts to support the decision-making process in the Arab countries, the Arab Monetary Fund (AMF) released a study on "Macro and sectoral implications of oil price decrease on oil-exporting countries".

The study assesses the effects of oil price decreases on all other real sectors than the oil sector for Arab net oil-exporting countries. Results show that a decline in oil price shock leads to negative effects on the real Gross Domestic Product (GDP) and its principal demand and supply components.

Consequently, the study calls for more efforts to build more resilience towards oil fluctuations by diversifying fiscal revenues. As diversification towards creating more non-oil revenues advances, this leads to gradually decoupling changes in public spending from changes in oil prices.

A full version of the study is available at this link

In light of the increasing importance for promoting digital payments and the transition to digital financial services, the significant role played by digital wallet service providers has emerged to facilitate the adoption of innovative solutions for digital payments, enhancing financial inclusion and competition by providing new business models and use cases for digital financial services. Acknowledging this importance, the Arab Monetary Fund, through the Arab Regional Fintech Working Group, today issued guiding principles on “Best Practices and Recent Developments for Digital Wallet Providers”; as part of the AMF ongoing efforts to support digital financial transformation in the Arab countries, which plays a major role in enhancing financial inclusion and enabling innovative financial services.

Abu Dhabi, 4 June 2021: The Arab Monetary Fund (AMF) and Standard Chartered have reached an agreement for the Bank to serve as settlement bank for the Euro currency in Buna (the cross-border payment system owned by the AMF). Both institutions are currently engaged to address relevant final details and intend to work together in progressing ahead to an implementation phase.

The inclusion of the Euro as the fifth settlement currency, marks another major milestone with respect to establishing Buna as the payment system of choice across the Arab world and strengthening its position as an active member of the global payment sector.

Abu Dhabi, 3 June 2021: The Arab Monetary Fund (AMF) holds today, Thursday June 3, 2021, a workshop to elaborate on the value that Buna (the cross-border payment system owned by the AMF) is offering to its growing network of participant banks, by allowing and facilitating the usage of a diversified list of eligible Arab and international currencies in cross-border payments, through its centralized and multi-currency payment system.

Additionally, the workshop will further elaborate on the strategic role that Buna and its participant banks can jointly play, to leverage the volume of payments in Arab and international currencies and fuel the growth of trade and economic activities among Arab countries and between the Arab region and international markets.

The Arab Monetary Fund (AMF), and the Bank for International Settlements (BIS) organize the "Fourth Working Party Meeting on Monetary Policy in the Arab Region," which is being held in virtual format on 31 May, 1 and 2 June 2021. The purpose of this event is to review recent global and regional economic and financial developments and to exchange views on their implications for the banking sector and monetary policies management in the Arab region. Also, the meeting will address technical issues related to the role of monetary policy on mitigating the impacts of Covid-19 and supporting economic recovery in coordination with fiscal and macroprudential policies, and it will include a special session on Central Banks Digital Currencies implications for monetary policy.

The Arab Monetary Fund (AMF), in collaboration with the Arab Regional Fintech Working Group members, published today a document titled “Open Banking Regulatory Principles”, as part of the AMF ongoing efforts to support digital financial transformation in the Arab countries, which plays a major role in growing the level of financial inclusion and contributing to the development of innovative financial services. The document highlights the benefits that open banking services may create for the financial and banking institutions customers, in terms of increased competition, lower costs, encouragement of innovation, and the generation of new business models and use cases.

Abu Dhabi, 06 May 2021: The Arab Monetary Fund (AMF) holds today, Thursday May 6, 2021, a workshop to elaborate on the compliance and information security standards that Buna (the cross-border payment system owned by the AMF) had put in place to adhere to the highest international requirements against terrorism and financial crime and protect the data of its participants.

During this workshop, Industry Experts representing Elucidate, Refinitiv, and DXC Technology and Buna executive team will share valuable insights on key topics related to compliance and information security.

The workshop will host more than 200 senior officials representing Arab and international central banks, along with various institutions from the financial, banking and payment sectors in the region and beyond, seeking for valuable information about Buna’s recent developments.

Today, on the Arab Day for Financial Inclusion, April 27, 2021, Arab Monetary Fund launched the Index of Modern Financial Technologies in the Arab Countries (FinxAr).  The index sheds light on the developments in the financial technology industry and digital financial services in the Arab countries during the period (2018-2020).  The launch of the index comes within the Arab Monetary Fund’s efforts to support Arab countries in promoting Fintech industry and digital financial transformation in a way that serves to enhance inclusiveness, financial stability and opportunities to achieve sustainable development.

The annual index aims to identify the efforts of Arab countries in enabling and promoting Fintech adoption.  It also contributes to setting a vision for the modern financial technology industry in the Arab countries and how to support the Fintech ecosystem, in order to help formulate national policies to strengthen the industry in Arab countries in the future, where they harness potential opportunities and mitigate related challenges.