The Emirati Dirham (AED) has been included in the soon to be launched Buna, a multi-currency payment platform affiliated with the Arab Monetary Fund.
The Emirati Dirham’s inclusion follows that of the Jordanian Dinar and the Saudi Riyal, along with the US Dollar and Euro among other initial currencies to be included on the payment platform.
The platform allows for clearance and settlements of cross-border payments in eligible Arab and international currencies across the Arab region and beyond, with links to major trade partners.
It also enhances compliance screening capabilities, in line with industry standards and in compliance with international sanctions and Anti-Money Laundering and Countering Financing of Terrorism, AML/CFT, requirements, as well as all relevant international standards and requirements. Additionally, the platform applies all currency-specific sanctions required by the relevant authorities of the potential currencies. Commercial banks who meet participation eligibility criteria, which include rigorous compliance requirements, will be able to participate in the platform.