The platform currently links 108 out of 120 Arab banks signed up, with a target of 160 by the end of 2024 BY GULF BUSINESSFEBRUARY 13, 2024 Repeat:
Image: Getty Images
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE officially launched the Buna Payment System for the Arab Regional Payments Clearing and Settlement Organization at the World Governments Summit (WGS) 2024.
Buna’s launch represents a significant step towards achieving the objectives outlined by the Arab Monetary Fund, which established the Arab Regional Payments Clearing and Settlement Organization.
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This significant initiative marks a crucial step towards strengthening Arab economic and financial integration, facilitating trade, and strengthening investment ties.
Sheikh Maktoum emphasised the importance of Arab cooperation in overcoming challenges and capitalising on opportunities.
He also highlighted the UAE’s pivotal role, as a growing global economic hub, in promoting regional integration and establishing connections with key trading partners.
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Image courtesy: Dubai Media Office</figure>
Benefits of the Buna systemThe Buna platform offers a multi-currency clearing and settlement system designed to streamline cross-border transactions.
Participating institutions can send and receive payments securely, reliably, and cost-effectively in six currencies, including four Arab currencies (Emirati Dirham, Saudi Riyal, Jordanian Dinar, and Egyptian Pound) and two international currencies (US Dollar and Euro).
Since its inception, Buna has launched instant settlement services and gained recognition as a model for efficient cross-border payment systems.
The platform currently links 108 out of 120 Arab banks signed up, with a target of 160 by the end of 2024.
UAE financial institutions like First Abu Dhabi Bank, Abu Dhabi Commercial Bank, and Emirates NBD are actively participating in the system.
The launch event featured specialised sessions with prominent figures such as Fabio Panetta, Governor of the Bank of Italy, Mehdi Manaa, CEO of Buna, and Hana Al Rostamani, Group CEO of First Abu Dhabi Bank. These discussions explored the system’s operations, future prospects, and its potential to support financial inclusion and economic growth across the Arab region.
In other news, the UAE signed agreements to boost investments and avoid double taxation with Kuwait, Bahrain, Egypt, and the World Bank. The agreements seek to eliminate double taxation, additional taxes, indirect taxes, and tax evasion while addressing the challenges of cross-border trade and investment flows.
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2024-03-02 07:54 Snippet Today:
The Central Bank of Iraq confirmed, on Saturday, that it ""has provided"" five alternative currencies to the dollar, for merchants to use in purchasing their goods from other countries using each country’s currency through the bank.
Deputy Governor of the Central Bank, Ammar Hamad, told News, “The Central Bank provided other foreign currencies to Iraqi merchants, which are (the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee).
He added, "These currencies have become available to merchants for the purpose of financing foreign trade. When a merchant imports goods from China, he can now pay the Iraqi dinar to the Iraqi bank, and through the bank, the amount will be paid to the Chinese company and factory in the Chinese currency."
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The merchants will now be able to use dinar to pay for foreign currency to buy international products. That is use of dinar into foreign currency for crossborder payments. I would imagine there will be a change to Iraq's currency that will be reflective of the real value of the IQD.
They told us that early this month there will be activation of the ASYCUDA system during the first week of the month at the port of Umm Qasr. They already have been successful using the international Airport and Dry Port. The last link to internationalism is staring in Iraq now. There will be a need to have factual data with certification of origin and invoice. They want to know the facts and that includes how much value the transactions have. That is considered pricing of goods and services, trade and services, imo.
All will be done electronically with accuracy and precision. The (KNC) know your customer is to be in play with Iraq now globally. The borders will be more secure now than ever before. The revenue streams are going to explode in size. All of which will support the Iraqi dinar just as planned. imo ~ MM
Earlier today 03/02/2024
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Now mix in what the AMFs Buna Platform has to offer. The digital trasformation is taking place before our eyes. Multi Currency Clearing and Settlement for crossboarder transactions. Tie this in the the Automated Customs system all coming together at the same time is massive.. imo. Enjoy and know that Iraq is going international as clear to me as ever before.. ~ MM
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The ASYCUDA system : "ASYCUDA – AUTOMATED SYSTEM FOR CUSTOMS DATA."
https://unctad.org/system/files/official-document/tc2015d1rev2_S03_P05.pdf | | | |
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