Six currencies account for 90 percent of transactions in the Arab world, said Dr. Abdulrahman bin Abdullah Al Hamidy, Director-General and Chairman of the Board of Executive Directors of the Arab Monetary Fund (AMF).
The currencies are the Emirati Dirham, the Saudi Riyal, the Egyptian Pound, the Jordanian Dinar, the US Dollar and the Euro.
Al Hamidy said in a statement to WAM that the “Buna Payment Platform” is the first regional cross-border and multi-currency payment system that supports Arab transactions in investment, trade and financial transfers, and strengthens Arab integration through the use of Arab currencies in transactions.
Buna is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost- effective, risk-controlled, and transparent environment.
The platform is progressing towards achieving its objectives and has forged alliances with Arab and international trade partners, he added, noting that a related agreement was signed with India, and the efforts are on to open new markets in Africa.
The platform has adopted a comprehensive strategy to link Arab financial markets with the Jordanian financial payment system recently joining the platform, which will encourage the use of the Jordanian Dinar in Arab transactions, Al Hamidy said.
The platform offers users modern payment solutions, in line with international standards and compliance requirements, to strengthen economic and financial integration in the Arab region and reinforce investment ties with commercial partners worldwide.