January 6, 2021 | banking

Iraq to Participate in Buna Payment Platform


Shafaq News / The Central Bank of Iraq announced its participation in the Buna platform.

The bank said in a statement, 'We have participated in the Buna platform for inter-Arab payments', indicating that the goal is to expand the scope of electronic payments.

'The platform works to provide services for cross-border financial transfers between Arab countries and in Arab and international currencies, and the first movement has been implemented through banks between the UAE and the Arab Republic of Egypt in the Emirati dirham,' he added.

The Central Bank of Iraq and several local banks have already signed an agreement and completed the technical requirements to participate in the project in coordination with the Arab Monetary Fund, and work is underway to approve the Iraqi dinar in the system for the next stage, where the participating banks in the Arab countries will be able to send and safely receive payments.

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