Iraq participates in the Buna platform for inter-Arab payments

Economy

The Central Bank of Iraq

2021-01-04 10:37

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Shafaq News / The Central Bank of Iraq announced, on Monday, its participation in the Buna platform for inter-Arab payments.

The bank said in a statement received by Shafaq News; “We have participated in the Buna platform for inter-Arab payments,” indicating that “the goal is to expand the scope of electronic payments.”

“The platform works to provide real-time clearing and settlement services for cross-border financial transfers between Arab countries and in Arab and international currencies, and the first movement has been implemented through banks between the UAE and the Arab Republic of Egypt in the currency of the UAE dirham,” he added.

The Central Bank of Iraq and a number of local banks have already signed an agreement and completed the technical requirements to participate in the project in coordination with the Arab Monetary Fund, and work is underway to adopt the Iraqi dinar in the system for the next stage, as the participating banks in the Arab countries will be able to send and receive payments between them in a safe and reliable manner. This platform will help reduce recourse to international centers from correspondent banks in clearing and settling Arab payments, thus contributing to reducing the time and costs associated with banks and their customers.

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