News

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.

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 "The Role of Economic Freedom, Governance, and Business Environment in Attracting Foreign Direct Investment to the Arab Region".

Abu Dhabi, UAE, 21 March 2022: The Arab Monetary Fund (AMF) and the European Stability Mechanism (ESM) signed a Memorandum of Understanding (MoU), providing a general framework to strengthen collaboration in matters of common interest between the two Regional Financing Arrangements in the context of strengthening Global Financial Safety Net (GFSN).   

The MoU covers the preparation of joint activities, including the annual High-level dialogue among Regional Financing Arrangements (RFAs) and between RFAs and the International Monetary Fund (IMF) as well as the Joint RFA Research Seminar. The MoU also includes the possibility of doing joint research by ESM and AMF staff and collaborating through other modalities such as technical cooperation, capacity building, information sharing, and staff exchanges.

Abu Dhabi 17 March 2022: In a ceremony hosted by the Arab Monetary Fund at its headquarter in Abu Dhabi, UAE, Ms. Maha Bahou, CEO of The Jordan Payments and Clearing Company (JoPACC), a payment system operator owned by the Central Bank of Jordan and all commercial banks in Jordan, and Mr. Mehdi Manaa, CEO of Buna, the cross-border and multi-currency payment system owned by the Arab Monetary Fund (AMF), signed today a Memorandum of Understanding (MoU) putting in place a framework of cooperation between Buna and JoPACC. 
Under the terms of this MoU, Buna and JoPACC target to achieve interoperability between their instant payment services, Buna “IPS” and JoPACC’s "CliQ”, by providing innovative solutions that allow their participants to send and receive cross-border payments instantly in accordance with the highest compliance standards. 
The connectivity between Buna’s IPS and JoPACC, emphasizes Buna's role as a strategic hub that links national instant payment solutions and creates another payment rail targeting to support various use cases, including digital remittances and e-commerce. 

Abu Dhabi, 16 March 2022: The Arab Monetary Fund (AMF) holds on Thursday, March 17, 2022, a workshop to elaborate on Buna (the cross-border payment system owned by the AMF) plans to establish strategic partnerships that will lead to interoperability between Buna and other national and regional payment systems in the Arab region and in other global markets.  The workshop will also discuss the importance of message standards in supporting interoperability between payment services. 
This workshop will host the CEO of International Payments Limited (NIPL), the international arm of National Payments Corporation of India (NPCI), and the CEO of the Jordan Payments and Clearing Company (JoPACC), the operator of the national payment system of Jordan.
During this workshop, the leaders of NIPL and JoPACC, will talk about their collaboration with Buna to connect their instant payment solutions with the Buna instant payment services and offer their participants a safe and efficient payment rails to send and receive payments instantly. 

Abu Dhabi, 8 March 2022: Mr. Mehdi Manaa, CEO of Buna, the cross-border and multi-currency payment system owned by the Arab Monetary Fund (AMF), and Mr. Ritesh Shukla, CEO of NPCI International Payments Limited (NIPL), the international arm of National Payments Corporation of India (NPCI), today signed a Memorandum of Understanding (MoU) establishing the foundation for a partnership between Buna and NIPL, to implement payment solutions that lead to interoperability between their instant payment services and allow their participants to exchange cross-border payments in a cost-effective and secure way, instantly, 24 hours a day and 365 days a year. 

Abu Dhabi 23 February 2022: The Arab Monetary Fund (AMF) and UnionPay International (UPI), announced today the signing of a Memorandum of Understanding (MoU) to establish cooperation and create interoperability between Buna (the cross-border and multi-currency payment system owned by the AMF) and UnionPay. Under the terms of this MoU, Buna and UnionPay will be connecting their payment systems to introduce to their network of participants, fast, efficient, and multi-currency cross-border payment solutions.

In this context, interlinking Buna and UnionPay’s payment systems will represent a step forward in both entities’ efforts to contribute to the global efforts to improve the accessibility and efficiency of cross-border payments.

The Arab Monetary Fund (AMF) issued today Monday, 21 February 2022, a guide titled “Central Bank Digital Currencies: A Practical Guide for Arab Central Banks”, produced by members of the Arab Regional Fintech Working Group (WG). The guide is issued under the framework of the Fund's endeavours to support Arab central banks in their journey exploring CBDCs that matches best for each jurisdiction, and are well suited for the central bank objectives, available resources, targeted implications, taking into consideration country-specific conditions, infrastructure and as well as respective legal and regulatory frameworks.