Arab Monetary Fund (AMF) in collaboration with the Central Bank of Egypt have announced the inclusion of the Egyptian Pound (EGP) in Buna for the clearing and settlement of payments, alongside the US Dollars, the Euro, the Jordanian Dinar, the Saudi Riyal, the UAE Dirham, and the Bahraini Dinar
This is in line with the announcement of the launch of the Buna regional payment platform affiliated to AMF, and as central and commercial banks commence the onboarding process to join the Buna platform.
Buna is a multi-currency payment platform that clears and settles cross-border payments in eligible Arab and international currencies across the Arab region and beyond, with links to major trade partners.
Buna employs enhanced compliance screening capabilities, in line with industry standards and in compliance with international sanctions and Anti-Money Laundering and Countering Financing of Terrorism (AML / CFT) requirements, as well as all relevant international standards and requirements. Additionally, the Buna Platform applies all currency-specific sanctions required by the relevant authorities of the potential currencies.
