An initiative that allows Iraqi retirees to receive their salaries in Egypt and Jordan

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[size=52]An initiative that allows Iraqi retirees to receive their salaries in Egypt and Jordan[/size]

[size=45]Baghdad
Ahmed Eid
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, facilitations affecting retirees (Getty)
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The Central Bank of Iraq revealed a joint Arab initiative, in cooperation with the Arab Monetary Fund, the Central Bank of Jordan, and the Central Bank of Egypt, to provide a service for paying the salaries of Iraqi retirees residing in Arab countries using the “Bunna” platform.[/size]
[size=45]He pointed out that this initiative will provide excellent financial services and solutions to Iraqi retirees residing in Jordan and Egypt to receive their monthly dues directly by opening bank accounts in those countries.[/size]
[size=45]The Arab initiative
This initiative includes, as a first stage, the category of Iraqi retirees residing in Jordan and Egypt, so that they can receive their monthly salaries more quickly and efficiently, by opening a bank account for every Iraqi retiree who wishes to benefit from this service in any of the banks participating in the initiative. Which has completed the technical readiness requirements to join the Bonani platform.
The Governor of the Central Bank of Iraq, Mustafa Ghaleb, said that the initiative comes within the framework of the continuous efforts to employ financial technology and provide the banking sector with the best modern and safe solutions in the payments sector and financial inclusion, in a way that enhances joint Arab economic cooperation.
In a statement, the Arab Monetary Fund announced the start of salary transfer operations at the end of each month, with the participation of active banks in each of the Iraqi, Jordanian and Egyptian markets that have completed the activation of the Jordanian dinar, the Egyptian pound and the Iraqi dinar on the Bani platform.[/size]
[size=45]Built platform[/size]
[size=45]The “Buna” platform is a system specialized in providing clearing and settlement services for payments in Arab and international currencies. It aims to enable financial and banking institutions in the Arab region and abroad, including central and commercial banks, to send and receive inter-payments throughout the Arab region and abroad in a safe and reliable manner. At an appropriate cost and high efficiency.[/size]
[size=45]Omar al-Halbousi, an economic researcher, says that this platform constitutes a system for cross-border payments within the Arab region, established by the Arab Monetary Fund in 2018 to enable financial institutions in the Arab region and abroad to send and receive payments in Arab and international currencies reliably, safely and at reasonable costs.[/size]
[size=45]Al-Halbousi explains that the feasibility of this initiative lies in enhancing opportunities for financial and economic integration and supporting investment in Arab countries with global partners.[/size]
[size=45]He points out that the presence of the Bani platform has become necessary to support and strengthen the Arab financial and banking system, and the beneficiaries of it are all participating Arab banks and banks, as it provides optimal solutions for modern payment that comply with international standards in the fields of information security and protection from the risks of financial crimes.[/size]
[size=45]Risks of the initiative
The general coordinator of the Iraqi Economists Network, Bariq Shubar, downplays the importance of the Arab Monetary Fund initiative represented in providing the salaries of Iraqi retirees abroad through the “Buna” platform. In his interview with Al-Araby Al-Jadeed, he says that he does not see any benefit from this platform for the Iraqi economy, despite the fact that it represents a service for Iraqi retirees abroad.[/size]
[size=45]He points out that the transfer of Iraqi retirees abroad, especially the competencies that have served the Iraqi state for a long time, is a great loss for the Iraqi economy in many aspects, foremost of which is the loss of the accumulated knowledge of this segment, and the lack of benefit from it in Iraqi universities and research centers.[/size]
[size=45]Shubar stressed that the use of this platform leads to the exit of funds in hard currency in large quantities, which is considered a drain on the foreign currency reserves of the Central Bank of Iraq.[/size]
[size=45]He criticized the policy of the Arab Monetary Fund and the central banks of Iraq, Jordan and Egypt in this direction, stressing the importance of these banks launching initiatives to finance joint investment projects for the private sector of the three countries, instead of this initiative that does not help development in Iraq in any way.[/size]
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