Bank Al-Maghrib (BAM) has successfully finalized its membership in the Arab Regional Payments Clearing and Settlement Organization, “Buna”, a centralized cross-border payment system.
Through this membership, Bank Al-Maghrib will contribute to further strengthening the regional integration of Arab economies by facilitating the use of local currencies in intra-Arab payments clearing and settlement transactions.
Established in February 2020 by the Arab Monetary Fund (AMF), Buna aims to enable Arab banks to process payments in eligible local and international currencies (Saudi Riyal, Emirati Dirham, Egyptian Pound, Jordanian Dinar, US Dollar, and Euro).
With its cross-border payment services, “Buna” expands prospects for economic and financial integration in the Arab region and boosts investment ties with global trading partners.