THE CENTRAL BANK OF EGYPT AND THE ARAB MONETARY FUND ANNOUNCE THE INCLUSION OF THE EGYPTIAN POUND AS A SETTLEMENT CURRENCY USED IN THE "STRUCTURES" PLATFORM FOR ARAB PAYMENTS

by **claud39** Tue Mar 24, 2020 9:56 am

THE CENTRAL BANK OF EGYPT AND THE ARAB MONETARY FUND ANNOUNCE THE INCLUSION OF THE EGYPTIAN POUND AS A SETTLEMENT CURRENCY USED IN THE "STRUCTURES" PLATFORM FOR ARAB PAYMENTS
2020-03-23

With the announcement of the launch of the "Beni" platform for Arab payments of the Arab Monetary Fund and the start of the procedures for enrolling central and commercial banks in the platform, the Fund is pleased to coordinate with the Central Bank of Egypt to announce the start of preparations to provide clearing and settlement services for the Egyptian pound currency through the "Beni" platform, In addition to the currencies of the US dollar, the euro, the UAE dirham, the Jordanian dinar, the Bahraini dinar, the Saudi riyal, and other international and Arab currencies, they will be announced later.

It should be noted that the "Beni" platform, a multi-currency platform that provides clearing and settlement services in Arab currencies and international currencies that meet the eligibility requirements, in order to clear inter-Arab financial transactions as well as financial transactions between Arab countries and the main trading partners of the Arab countries.

The “Bani” platform has enhanced capabilities to ensure that the operations of the platform comply with relevant international principles and standards, foremost among which are the standards related to combating money laundering and terrorist financing operations, in addition to complying with the regulations for the currencies used on the platform.

It is mentioned that the platform is available to all banks that meet the criteria and conditions for participation in it, at the forefront of which are the standards and procedures for compliance aspects.

Arab Monetary Fund

https://www.amf.org.ae/ar/content/%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D9%88%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A-%D9%8A%D8%B9%D9%84%D9%86%D8%A7%D9%86-%D8%B9%D9%86-%D8%AA%D8%B6%D9%85%D9%8A%D9%86-%D8%A7%D9%84%D8%AC%D9%86%D9%8A%D9%87-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D9%83%D8%B9%D9%85%D9%84%D8%A9-%D8%AA%D8%B3%D9%88%D9%8A%D8%A9-%D9%85%D8%B3%D8%AA%D8%AE%D8%AF%D9%85%D8%A9