Saudi Central Bank and the Arab Monetary Fund announces the inclusion of Saudi Riyal as settlement currency in Buna, through NCB Saudi Arabia

Saudi Central Bank and the Arab Monetary Fund announces the inclusion of Saudi Riyal as settlement currency in Buna, through NCB Saudi Arabia

Participant banks can now use the Saudi Riyal in their cross-border payments Abu Dhabi: The Saudi Central Bank and the Arab Monetary Fund (AMF) announced today the inclusion of the Saudi Riyal as a settlement currency in Buna (the regional cross-border payment system owned by the AMF), and the assigning of the National Commercial Bank (NCB) 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 provision 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 this event His Excellency Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, expressed his appreciation and gratitude to His Excellency the Governor of the Saudi Central Bank and the Chief Executive officer of NCB for their constant support to facilitate the inclusion process. His Excellency also praised