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Egypt Today
The Central Bank of Egypt (CBE) signed an agreement with the Arab Monetary Fund on Thursday to participate in the ‘Buna’ payment platform.
The payment platform is a regional system for clearing and settlement of inter-Arab payments, which will be conducted in cooperation with the Arab Monetary Fund.
The Buna platform is the first Arab regional payment system which allows the use of Arab currencies in settlements alongside other international currencies. The platform is available to all financial institutions and banks which meet the criteria and conditions for participation. ‘Buna’ provides modern payment solutions in compliance with international standards, principles and international compliance requirements.
The system is based on clearing and settling bank transfers between countries and Arab banks participating in ‘Buna’. The platform deals with transactions efficiently in a safe and reliable manner at an appropriate cost.
