Bank Al-Maghrib (BAM) has announced the successful completion of its accession to the Arab regional system for cross-border payment clearing and settlement, known as “BUNA.”
“Through this accession, Bank Al-Maghrib contributes to the strengthening of the regional integration of Arab economies by facilitating the use of local currencies in inter-Arab payment clearing and settlement operations,” the central bank stated in a press release.
The “BUNA” system was established in February 2020 by the Arab Monetary Fund to enable Arab banks to conduct payments in eligible local and international currencies, including the Saudi Riyal, Emirati Dirham, Egyptian Pound, Jordanian Dinar, US Dollar, and Euro, as the same source has indicated.
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