Bahraini dinar included in payment platform

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MANAMA: The Bahraini dinar has been included as a settlement currency in the Arab Monetary Fund’s (AMF) Buna payment platform.

A joint announcement by the Central Bank of Bahrain (CBB) and AMF said the Bahraini currency has been approved for the clearing and settlement of payments on the Buna regional payment platform, alongside US dollar, euro, Jordanian dinar, Saudi riyal and UAE dirham as well as other Arab and international currencies to be announced soon.

The multi-currency payment platform 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.

Additionally, the Buna platform applies all currency-specific sanctions required by the relevant authorities of the potential currencies.

Moreover, commercial banks who meet participation eligibility criteria, which include rigorous compliance requirements, will be able to take part in the platform.

Regional central and commercial banks have begun the onboarding process to join the Buna platform.

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