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Central Bank: The launch of the “Buna” platform for intra-Arab payments

The Central Bank of Iraq announced, on Monday, the launch of the ” Buna ” platform for inter-Arab payments.

The bank said in a statement. It is “the actual launch and operation of the Buna platform for inter-Arab payments, which is a platform that provides real-time clearing and settlement services for cross-border financial transfers between Arab countries and in Arab and international currencies.”

He added, “The first movement was carried out through banks between the UAE and the Arab Republic of Egypt, in the currency of the UAE dirham.”

The bank continued, “The Central Bank of Iraq and a number of local banks have already signed an agreement and completed the technical requirements to participate in the project in coordination with the Arab Monetary Fund, and work is underway to adopt the Iraqi dinar in the system for the next stage.”

He pointed out, “The participating banks in the Arab countries will be able to send and receive payments between them in a safe and reliable manner, while this platform will help reduce recourse to global centers of correspondent banks in clearing and settling Arab payments, which will contribute to reducing the time and costs associated with banks and their customers.” Source