THE AMF APPOINTS STANDARD CHARTERED AS THE SETTLEMENT BANK FOR THE EURO IN BUNA
The Euro inclusion will support the growth of economic and investment ties between the Arab countries and Europe
Abu Dhabi, 4 June 2021: The Arab Monetary Fund (AMF) and Standard Chartered have reached an agreement for the Bank to serve as settlement bank for the Euro currency in Buna (the cross-border payment system owned by the AMF). Both institutions are currently engaged to address relevant final details and intend to work together in progressing ahead to an implementation phase.
The inclusion of the Euro as the fifth settlement currency, marks another major milestone with respect to establishing Buna as the payment system of choice across the Arab world and strengthening its position as an active member of the global payment sector.