News

Within the efforts made by the Arab Monetary Fund on studies and research activities to support economic institutions in Arab countries on issues of climate change and the relationship between the economy and the environment, the Fund published a study on "The GDP-CO₂ Emissions Nexus in Arab Countries". The study aims to shed light on the relationship between economic activities and carbon dioxide emissions. The study analyses the relationship between countries' economic and environmental performance for the period from 1990 to 2020. 

The Arab Monetary Fund (AMF) has conducted an important study titled "Impacts of Financial Inclusion on Human Capital Development in the Arab Region." The study sheds light on financial inclusion’s significant role in promoting human capital development, a key driver of economic growth, in Arab countries.

Financial inclusion has emerged as a crucial policy objective in numerous countries, particularly the developing world. The AMF's study examines the nexus between financial inclusion and human capital development over 15 years from 2004 to 2019, focusing specifically on Arab countries.

Human capital, which encompasses the economic value of an individual's skills, knowledge, and health, has long been recognized as a catalyst for sustained economic growth and social inclusivity. Investing in people's education, health, and well-being has proven instrumental in driving economic development and creating more inclusive societies.

As part of its efforts to assist policy-makers in Arab countries, the Arab Monetary Fund has released the 18th edition of its "Arab Economic Outlook" report, which contains projections of the overall economic performance of Arab countries on multiple levels for the years 2023 and 2024.

Abu Dhabi, 26 May 2023: The Arab Monetary Fund (AMF) extended a new ordinary loan to the Hashemite Kingdom of Jordan, with an amount of Arab Accounting Dinar 12.79 million, the equivalent of approximately USD 51 million to support the economic reforms implemented by the kingdom. The disbursement of the loan was processed through “Buna”, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by The Arab Monetary Fund “AMF.” It cements its position as a reliable partner for central banks and financial institutions. 

The Arab Monetary Fund (AMF) extended a new Ordinary Loan to the Hashemite Kingdom of Jordan, with the amount of Arab Accounting Dinar 12.79 million, the equivalent of approximately USD 51 million. The loan agreement was signed on Monday, May 15, 2023, by H.E. Dr. Mohammad Al-Ississ, Minister of Finance, on behalf of Hashemite Kingdom of Jordan, and H.E. Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of Executive Directors of the AMF, on behalf of the AMF, with the aim to avail financial resources to support the country’s financial position and its efforts to implement economic and financial reforms.

Abu Dhabi, May 10^th, 2023:Buna (the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by The Arab Monetary Fund “AMF”), announces the launch of its service supporting a more accessible and more secure foreign exchange (FX) market.

The new service offers an open and modern marketplace for FX, where participants in the Buna system can benefit from a modern set of APIs to exchange information and agree on the terms of their FX deals directly between each other, without the involvement of Buna or any other intermediary in these deals.

The processing of the resulting transactions is then done immediately in a safe and secure way by using the Payment versus Payment (PvP) mechanism, which ensures that settlement in one currency occurs if and only if the settlement of the other currency occurs simultaneously. 

Abu Dhabi, May 4^th, 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, on Thursday May 4^th, the 41^st edition of its virtual workshops to explore the status of Central Bank Digital Currencies (CBDCs), current initiatives and their outlook.

Buna aims to bring the latest developments and advancements to this topic and promote innovation and progress in the financial sector.  To achieve that, this workshop will host high-level guest speakers representing Bank of International Settlement (BIS), Banque de France, Banca d’Italia, SWIFT, and others, who will provide a comprehensive overview of the topic from practical and strategic perspectives. The objective will be to anticipate potential future developments relating to CBDCs and how the financial industry can prepare for the changing landscape.  

The Arab Monetary Fund (AMF) launched its 2022 annual activity report, which was approved by the Board of Governors of the Arab Monetary Fund after reviewing the Fund's efforts in providing financial and technical support to enhance economic and financial stability and achieve inclusive and sustainable growth in its member countries. 

The report details the activities and financial position of the Fund for the fiscal year that ended on December 31, 2022, as well as the financial and technical assistance it gave to its member countries through lending activities, direct and indirect technical assistance, advice, and contributions to studies, reports, bulletins, books, and booklets. It also outlines the seminars, workshops, and training courses delivered by the Fund Training Institute to strengthen and expand the capacities of official Arab cadres in central banks, ministries of finance, economy, trade, and national statistical organizations.

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 enhancing financial inclusion plays an important role in supporting the efforts to face the climate change repercussions, by enabling financial sector customers to deal with risks associated with climate changes and enhancing their ability to recover from the climate change effects, which in turn contributes to inclusive and sustainable development, thus leading to soundness and resilience of the financial sector.

Abu Dhabi, April 17, 2023: Buna (the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by The Arab Monetary Fund “AMF”), announces the launch of its Instant Payment Service (IPS). This anticipated service is now live and ready to onboard participants seeking payments that are instant and available 24/7/365, in a cost-effective way.