The Saudi Riyal has been included as a settlement currency in ‘Buna,’ the cross-border payment system owned by the Arab Monetary Fund, making it the third Arab settlement currency after the UAE Dirham and Egyptian Pound.
Also, the National Commercial Bank (NCB) has been assigned as the settlement bank for the Saudi currency. NCB was awarded this position as per the terms of the agreement signed with Buna. The bank has completed all the necessary technical tests and integration processes for the provision of transaction services in Saudi Riyal through Buna’s platform.
These achievements are in line with the ongoing efforts of Buna to build up its network of participating banks and Arab and foreign currencies.
H.E. Dr. Abdulrahman Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund said, “We highly thank the Saudi Central Bank and NCB for their strong belief in Buna’s capabilities and commitment to its plans and long-term strategy. 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 a regional level but to the global payment industry. We are on the right track to realize our strategic goal of adding key currencies to our platform in a consistent and sustainable pattern.”
Dr. Abdulrahman Al Hamidy Director General Chairman AMF
“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.”
The Saudi Riyal is one of the most used currencies in cross-border payment transactions across the Arab region. Therefore, the inclusion of this major regional currency in the Buna regional payment platform is crucial to realizing its vision of empowering Arab economies and promoting regional integration by facilitating the use of Arab currencies in cross-border payments and investment.
