Jordanian Dinar included as a settlement currency in Buna

By Leandra Monteiro

The Central Bank of Jordan (CBJ) and the Arab Monetary Fund (AMF) announced today the inclusion of the Jordanian Dinar as a settlement currency in Buna (the cross-border payment system owned by the AMF), and the signing of an agreement enabling Buna to execute cross-border payments in Jordanian Dinar.

The Jordanian Dinar is the fourth Arab settlement currency to join Buna’s payment platform, which includes so far, the UAE Dirham, the Saudi Riyal, the Egyptian Pound in addition to the US Dollar and the Euro. This milestone comes in line with Buna’s constant efforts to expand its growing and diversified list of Arab and International currencies and strengthen its position as the payment system of choice across the Arab world.

Commenting on this event His Excellency Dr. Ziad Fariz, Governor of the Central Bank of Jordan said, “Including Jordanian Dinar in Buna demonstrates the kingdom’s continuous support to strategic initiatives in the Arab world and clearly articulates the importance of Jordanian Dinar as a key Arab currency for cross-border trade and remittance payments.”

Dr. Fariz also added, “the Central Bank of Jordan and the Arab Monetary Fund share mutual interests in developing the financial infrastructure in the region 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.”

His Excellency H.E Dr. Al 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 centralized, multi-currency, 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. Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements.