News

Globally, a circular economy (CE) is being promoted as a policy to achieve economic, environmental, and social sustainability. A significant reason for this is the increasing recognition of CE indices as effective tools in preventing resource waste and reducing negative environmental impacts. The aim of this study, therefore, is to establish a regional index based on CE indicators that can be used to measure countries' transition toward circular economies implementation.

Buna (the payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by The Arab Monetary Fund “AMF”) and Standard Chartered held a ceremony today in the AMF premises to announce the live operation of euro cross-border payments in Buna.

The service is now activated by multiple participant banks from various Arab countries, with more participation expected in the upcoming weeks to benefit from the real-time settlement feature of euro payments taking place in Buna across borders in compliance with global best practices and international standards.

An understanding of the volatility structure of foreign exchange rates is fundamental to assessing investment risks in the forex market. This study, therefore, analyzes the symmetric and asymmetric information in the volatility structure of selected Arab exchange rate markets.

The study applied the EGARCH model for analyzing the volatility structure of selected currencies using the daily data of rate of return of real exchange rates over the period from January 3, 2017, to June 2, 2022. These currencies are the Saudi Riyal, Kuwait Dinar, Bahrain Dinar, Egyptian Pound, Algerian Dinar, Tunisian Dinar, and Moroccan Dirham.

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

The report indicated that the global economy is experiencing challenges related to the global supply chains and high commodity prices, which raise concerns about global food security. As a result, international institutions have reduced their forecasts for global economic growth issued in January 2022.

Abu Dhabi, 11th August 2022: Buna, the cross-border payment system owned by the AMF, holds today a workshop to shed light on several key capabilities and live experiences that are of interest to Buna’s banking community, namely an overview on its Application Programming Interface (API), Buna’s plans for extending its operating window, and various compliance aspects including sharing live experiences and findings.

The workshop will host more than 200 senior officials representing central banks, along with various institutions from the financial, banking, and payment sectors in the region and beyond.

The Arab Monetary Fund (AMF) will increase the use of responsible digital payments in its programs and operations to boost financial inclusion, transparency and efficiency. The AMF will continue to prioritize youth, women and small businesses in its efforts on payment digitization, helping advance the Sustainable Development Goals.

H.E. Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, said: “Making responsible payment digitization a reality across our member countries will help bring many more citizens, particularly youth, women and small businesses, in the financial system, in a way that serves their needs. By doing that, Arab nations will foster sustainable growth, create employment opportunities, reduce inequality and maintain financial stability”.  

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".

This study examines the asymmetric effect of public debt on economic growth rates in ten Arab countries. The study relies on the regression of time series and cointegration analysis for selected Arab countries based on the data availability. Specifically, it employs the Non-Linear Autoregressive Distributed Lag Model (NARDL) and a multiple structural breaks model.

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.