Abu Dhabi: The Central Bank of the UAE (CBUAE) has signed an agreement with the Arab Monetary Fund to include the UAE Dirham as a settlement currency in the Arab Regional payments clearing and settlement system so-called “Buna”.
“Buna” is a multicurrency platform that provides clearing and settlement services of cross-border payments in eligible Arab and foreign currencies across the Arab region and beyond, with links to major trade partners.
This project is overseen by a committee chaired by His Excellency the Governor of the Central Bank of the UAE and with the membership of their Excellencies the Governors of certain Arab central banks.
CBUAE confirms that the UAE Dirham will be the first settlement currency made available in “Buna” platform for the effective use of financial institutions who met participation eligibility criteria.
In this regard, the CBUAE commends the efforts extended by the Arab Monetary Fund in developing the “Buna” system, particularly in terms of enhancing the level of compliance of Buna’s operations with the relevant international principles and standards, while emphasizing on the importance of Arab central banks collaboration to achieve the strategic objectives of the cross-border payment platform “Buna”.
© Press Release 2020