SAMA, Arab Monetary Fund include Saudi Riyal as settlement currency in ‘Buna’ platform

Saudi banknotes

The Saudi Central Bank (SAMA) and the Arab Monetary Fund (AMF) announced today the inclusion of the Saudi Riyal as a settlement currency in Buna (the regional cross-border payment system owned by the AMF), through National Commercial Bank (NCB) as a settlement bank for the Saudi currency.

NCB has been awarded this role, under the terms of the agreement signed with Buna and has completed all the required technical tests and integration process to provision transaction services in Saudi Riyal through Buna’s platform, the AMF said in a statement.

The Saudi Riyal is the third Arab settlement currency to join Buna’s payment platform, following the inclusion of the UAE Dirham and Egyptian Pound consecutively.
 

“Adding the Saudi Riyal to Buna’s list of settlement currencies, represents additional solid proof of the added value that our multi-currency platform can bring not only at regional level, but to the global payment industry,” said Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund.
 

“The long-term value that we are bringing to the payment industry in this part of the world, is not limited to our diversified and agile payment system but as well to our ability to explore the region needs for a multi-currency and centralized platform that can offer modern payment solutions that comply with international standards in a safe, cost- effective, risk-controlled and transparent environment,”  Al Hamidy added.

The fund is on the right track to realize its strategic goal of adding key currencies to its platform in a consistent and sustainable pattern, he concluded