Arab Monetary Fund's Buna conducts first intra-Arab transaction between Mashreq Bank, Banque Misr
Published 28 Dec,2020 via Daily News Egypt - The Arab Monetary Fund (AMF) has announced that its Buna payment platform has conducted the first cross-border transaction in UAE Dirham (AED), between the UAE’s Mashreq Bank and Egypt’s Banque Misr.
The transfer marks the start of full operation of the Buna platform, which is affiliated to the AMF-owned Regional Entity for Clearing and Settlement of Intra-Arab Payments.
Abdul Rahman bin Abdullah Al Hamidi, Director General and Chairperson of the AMF, said, “We are proud and happy to announce that the Buna payment platform system is now operating at full capacity, and is able to provide clearing and settlement services for cross-border payments in international and Arab currencies that meet eligibility requirements.”
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