Jordanian Dinar included in Buna payment system

The Jordanian Dinar has become the fourth Arab currency to join the Arab Monetary Fund (AMF)-owned Buna payment system platform, raising the total number of settlement currencies in Buna to six.The Central Bank of Jordan (CBJ) and the AMF announced Mon…

The Jordanian Dinar has become the fourth Arab currency to join the Arab Monetary Fund (AMF)-owned Buna payment system platform, raising the total number of settlement currencies in Buna to six.

The Central Bank of Jordan (CBJ) and the AMF announced Monday the inclusion of the Jordanian Dinar as a settlement currency in Buna which is a cross-border payment system and the signing of an agreement enabling Buna to execute cross-border payments in Jordanian Dinar.

In addition to the Jordanian Dinar, the Buna platform includes the UAE Dirham, the Saudi Riyal, the Egyptian Pound, the U.S. Dollar and the Euro.

The inclusion of the Jordanian Dinar comes as part of Buna’s effort to expand its growing list of Arab and International currencies and strengthen its position as the payment system of choice across the Arab world.

Governor of the CBJ Ziad Fariz said: "Including the Jordanian Dinar in Buna demonstrates the kingdom’s continuous support to strategic initiatives in the Arab world and clearly articulates the importance of the Jordanian Dinar as a key Arab currency for cross-border trade and remittance payments."

Fariz added "the Central Bank of Jordan and the AMF share mutual interests in developing the financial regional infrastructure and create substantial added value to the Arab banking community and citizens.

"We look forward to seeing the Jordanian banks actively participating to increase the cross-border usage of JOD and benefit from the transformational value that Buna brings to the banking community and to the Arab economies."

For his part, Director-General Abdulrahman Hamidy said: "We highly thank the Central Bank of Jordan for its strong belief in Buna’s vision to support the growth of the Arab economies, and the strategic role that we can play in serving the needs of the banking and financial sector in the region and beyond for an efficient multi-currency and risk-controlled, and secure payment system.

"The inclusion of the Jordanian Dinar to Buna’s list of settlement currencies is key in realizing Buna’s strategic objectives to facilitate trade and remittance activities across the Arab countries and with key global trade partners, support investment ties, and promote regional integration, by encouraging the usage of Arab currencies in cross-border payments and different economic activities."

Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost-effective, risk-controlled, and transparent environment.

Source: Jordan News Agency