News

Abu Dhabi, 30 June 2022: The Arab Regional Payments Clearing and Settlement Organization (ARPCSO), which operates Buna, the cross-border and multi-currency payment published its annual report for the year 2021. The 2021 annual report marks the first year of Buna’s operations. It summarizes the different achievements realized during this eventful year and the progress made in realizing our mission to provide efficient payment solutions that empower Arab economies and promote regional integration.       

 Commenting on this occasion His Excellency Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, said: “This annual report represents another important milestone that confirms the solid foundation of Buna and reinforces its potential to support growth and development in the Arab region and beyond.”

Abu Dhabi, 16 June 2022: The Arab Monetary Fund (AMF) holds today, Thursday, June 16, 2022, a workshop to share the views of the participant banks that are the most active in using Buna (the cross-border payment system owned by the AMF) for their cross-border payments.

In a context where Buna is witnessing not only an increase of the number of participants, but also an increase of the number of currencies each participant uses, as well as a general increase of volumes and values of settled transactions, the workshop will gather high-level guest speakers representing First Abu Dhabi Bank (FAB), Bank Muscat, and Bank of Africa. to They will share with the audience their concrete experience and practical knowledge resulting from using Buna’s cross-border and multicurrency payment services.

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 " Public Debt in The Arab World: Asymmetric Effects on Economic Growth".

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.

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.