Buna Boom: Network reaches 105 banks, boosting regional payments

The Arab Monetary Fund (AMF)

The Arab Monetary Fund (AMF) held its 209th Executive Board meeting, chaired by Dr. Fahad Mohammed Alturki, AMF Director-General and Chairman of the Board.

The meeting reviewed the Fund's activities and its key efforts across various sectors during the fourth quarter of 2023 within its five-year strategy (2020-2025). The Fund's efforts aimed to assist its Arab member states in facing economic and financial challenges on both regional and global levels, reinforcing its role as a closer partner to its member countries.

During the meeting, there was an update on the developments concerning the Arab Regional Payments Clearing and Settlement Organisation (Buna Payment Platform). The number of banks connected to the platform has reached 105 banks. Additionally, the meeting included a brief on the Fund's lending plan for 2023, including new loans provided to member states and disbursements on existing loans aimed at supporting Arab countries in enhancing their economic, financial, and monetary conditions.

Furthermore, the board reviewed the Fund's investment activity, including the acceptance of deposits from central banks and Arab monetary institutions, the performance of investment portfolios, developments in global financial markets, and measures taken to advance the implementation of the Fund's investment strategy.

The board was also informed about the Fund's initiatives to develop the Arab financial and banking sectors, and capital markets, which are among its business priorities. Notable activities in this context included organising the 2023 Forum on Central Bank Cross-Border Foreign Currency Operations, the 18th High-level meeting on financial stability and regulatory and supervisory priorities, and a workshop on ‘Improving the Performance of Government-Owned Companies in Arab Countries’.