Iraq Participates in the (Buna) Platform

With the aim of expanding the scope of electronic payments, “The actual launch and operation of the Buna inter-Arab payments platform”, a platform that provides real-time clearing and settlement services for cross-border financial transfers between Arab countries and in Arab and international currencies, has been implemented the first movement through banks between The State of the Emirates and the Arab Republic of Egypt, in the currency of the UAE dirham. 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, as the participating banks in the Arab countries will be able to send and receive payments between them in a safe and reliable manner.

This platform will help reduce the recourse to international centres from correspondent banks in clearing and settling Arab payments, thus contributing to reducing the time and costs associated with banks and their customers,

• Central Bank of Iraq

January 4, 2021