BUSINESS | Arab Monetary Fund Adds Saudi Riyal As Settlement Currency in ‘Buna’

RIYADH – – The Saudi Central Bank and the Arab Monetary Fund (AMF) announced on Thursday the inclusion of the Saudi Riyal as a settlement currency in Buna, the regional cross-border payment system owned by AMF.

The National Commercial Bank (NCB) has assigned as a settlement bank for the Saudi currency.

NCB has been awarded this role, as by the terms of the agreement signed with Buna and has completed all the required technical tests and integration process to provide transaction services in Saudi Riyal through Buna’s platform.

The Saudi Riyal is the third Arab settlement currency to join Buna’s payment platform, following the inclusion of the UAE Dirham and Egyptian Pound consecutively. This milestone comes in line with Buna’s ongoing efforts to build its network of participant banks as well as Arab and International currencies.

Commenting on the announcement, Dr. Abdulrahman A.AL Hamidy, Director – General and Chairman of the Board of the Arab Monetary Fund, expressed his appreciation and gratitude to the Governor of the Saudi Central Band and the Chief Executive officer of NCB for their constant support to facilitate the inclusion process.

He also praised the great efforts of the dedicated teams in the Saudi Central Bank and NCB.

‘The long – term value that we are bringing to the payment industry in this part of the world, is not limited to our diversified and agile payment system but as well to our ability to explore the region needs for a multi – currency and centralised platform that can offer modern payment solutions that comply with international standards in a safe, cost – effective, risk – controlled and transparent environment’, Al Hamidy added.

The Saudi Riyal is one of the most used currencies in cross – border payment transactions across the Arab region. Hence, the inclusion of this major regional currency in Buna regional payment platform is key in realizing Buna’s vision to empower the economies and promote regional integration, by encouraging the usage of Arab currencies in cross – border payments and investments.

SABIC’s Quarterly Net Profits Slumps 94% On Lower Sales Prices

PARIS, France – Petrochemicals firm Saudi Basic Industries Corp (SABIC) said on Tuesday its fourth-quarter net profit slumped 94% on lower average sales prices. SABIC posted a net income of 0.29 billion riyals ($77.28 million) in the three – month period ended Dec. 31, down from 4.97 billion riyals in the year-ago period. Princes across…

Ukraine Gets Support From Saudis With $400 Million Aid Deal

PARIS, France – Saudi Arabia signed agreements worth $400 million with Ukraine on Sunday after the kingdom’s foreign minister made a surprise visit to Kyiv, a movie praised by Washington. Prince Faisal bin Farhan met President Volodymyr Zelenskiy, his chief of staff Andriy Yermak, his Ukrainian counterpart Dymytro Kuleba, and others. He was the highest-ranking…

Saudi Arabia Pauses Wealth Fund Plan To Acquire Egyptian Bank – Sources

PARIS, France – Saudi Arabia has put a plan by its sovereign wealth fund to acquire the United Bank of Egypt on hold because of a disagreement with the Egyptian authorities over its valuation, two sources familiar with the matter told Reuters. The pause is the most recent stumble in the vast investment programme promised…

Still Filming, Spielberg, 76, Wins Berlin Lifetime Awards

PARIS, France — Director Steven Spielberg, picking up a lifetime achievement awards at the Berlin Film Festival, said the prospect of making new films continued to excite him at 76, and unveiled new details of his planned HBO series. The director, whose credits include some of the biggest – grossing and best – loved works…

UAE Names ADNOC Chief Jaber As COP28 Climate Conference President

PARIS, France – The United Arab Emirates said on Thursday that Sultan al – Jaber, the head of state oil giant ADNOC, would act as president of the COP28 climate conference it is hosting this year. Jaber, also UAE’s minister of industry and technology and its climate envoy, will help develop the COP28 agenda and…

Saudi Arabia To Host Pre-Pandemic Numbers For 2023 Haj Pilgrimage Season

PARIS, France – Saudi Arabia will remove COVID-19 restriction for the 2023 haj season and host pre-pandemic numbers of pilgrims, the kingdom’s ministry of haj and umrah said on Monday. In 2019, the last yeast before the pandemic struck, some 2.6 million people performed the haj. The kingdom allowed only limited numbers from its residents…

UAE President Congratulates Netanyahu On Inauguration

PARIS, France – United Arab Emirates President Sheikh Mohammed bin Zayed al – Nahyan called Israeli Prime Minister Benjamin Netanyahu to congratulate him on his inauguration, the official Emirates News Agency (WAM) reported on Saturday. Netanyahu was sworn in as Israel’s prime minister on Thursday in a comeback at the head of a hard-right cabinet…

Former Pope Benedict Dies Aged 95

PARIS, France – Former Pope Benedict, who in 2013 became the first pontiff in 600 years to step down, died on Saturday aged 95 in the Mater Ecclesiae Monastery in the Vatican where he had lived since his resignation, a spokesman for the Holy See said. ”With sorrow I inform you that Pope Emeritus, Benedict…

Ronaldo Joins Saudi Arabian Club Al Nassr Until 2025

PARIS, France – Portugal capital Cristiano Ronaldo has joined Saudi Arabian club Al Nassr on a 2-1/2 year contract, the club announced on Friday, after leaving Manchester United to become a free agent. Ronaldo departed Old Trafford last month following an explosive television interview in which the 37-year-old forward said he felt betrayed by the…

Pele, Who Died At 82, Was A Sports Star And Cultural Icon

PARIS, France – The Brazilian soccer star said Andy Warhol told him that. It was a twist on something else the American artist is widely credited with saying, that ”in the future, everyone will be world-famous for 15 minutes”. Warhol made the soccer star’s portrait in 1977, and Pele took great pride in turning his…

Loading…

Something went wrong. Please refresh the page and/or try again.

Advertisement
%d bloggers like this: