CAIRO - 31 March 2022: The Central Bank of Egypt (CBE) signed an agreement with the Arab Monetary Fund to participate in the Buna payment platform within the regional system for clearing and settlement of inter-Arab payments, in cooperation with the Arab Monetary Fund.
The Buna platform is the first Arab regional payment system that allows the use of Arab currencies as settlement currencies alongside other international currencies, and the platform is available to all financial institutions and banks that meet the criteria and conditions for participation in it, as the platform provides its participants with modern payment solutions that comply with international standards and principles and international compliance requirements.
The CBE clarified in a statement Thursday that the platform aims to enable Arab banks to receive and send bank transfers to and from the participating Arab countries within the Buna platform for Arab payments in different Arab currencies in addition to other international currencies.
The system is based on clearing and settling bank transfers between countries and Arab banks participating in it, which contributes to the implementation of these transactions in a safe and reliable manner, at an appropriate cost and high efficiency.
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