AFTER COMPLETING THE TECHNICAL LINKAGE PROCESS, THE CENTRAL BANK OF EGYPT AND THE ARAB MONETARY FUND ANNOUNCE THE LAUNCH OF SETTLEMENT OPERATIONS IN THE EGYPTIAN POUND

by **claud39** on Sat Nov 14, 2020 11:59 am

AFTER COMPLETING THE TECHNICAL LINKAGE PROCESS, THE CENTRAL BANK OF EGYPT AND THE ARAB MONETARY FUND ANNOUNCE THE LAUNCH OF SETTLEMENT OPERATIONS IN THE EGYPTIAN POUND
2020-11-12

The Egyptian Pound is the second Arab currency to be included on the "Bani" Arab Payments platform

Banks participating in the platform can use the Egyptian pound
to send and receive cross-border payments

After completing the technical linkage process, the Central Bank of Egypt and the Arab Monetary Fund are pleased to announce the signing of an agreement between them to launch settlement operations in the Egyptian pound on the "Bani" Arab Payments platform. This announcement comes as a culmination of the efforts made by the Central Bank of Egypt team and the "Bani" Arab Payments platform team to link systems, conduct tests and complete procedures during the past months to include the Egyptian pound as the second Arab settlement currency on the platform after the UAE dirham.

The launch of settlement operations in the Egyptian pound, banks operating in the Arab countries and participating in the "Bani" platform, could accelerate the clearing and settlement of cross-border payments made in Egyptian pounds and reduce their cost. The number of transactions in the pound exceeds about 160,000 transactions annually that are traded across borders in the Arab world, to be the fifth Arab currency in this regard. This does not include transfers of individuals through exchange companies.

It should be noted that the "Bani" platform represents a multi-currency payment platform that provides clearing and settlement services in Arab currencies and international currencies that meet eligibility requirements for clearing and settling inter-Arab financial transactions as well as financial transactions between Arab countries and the main trading partners of Arab countries. The platform aims to enable financial and banking institutions in the Arab region, including central and commercial banks, to send and receive intermittent payments throughout the Arab region and abroad in a safe and reliable manner, at an appropriate cost and high efficiency. The Bani platform offers participants modern payment solutions that comply with international standards, principles and international compliance requirements. The platform contributes to enhancing opportunities for economic and financial integration in the Arab region and supporting investment links with the trading partners of Arab countries on various continents.

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

In this context, His Excellency the Director General, Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abd al-Rahman bin Abdullah Al-Hamidi, expressed his pleasure at launching the settlement operations in the Egyptian pound, and his appreciation and gratitude to His Excellency Tarek Amer, Governor of the Central Bank of Egypt for his continuous support to the "Bani" Arab Payments platform and for the cooperation of his colleagues In the bank in completing the procedures for including the Egyptian pound and encouraging the participation of Egyptian banks in it. His Excellency also renewed his aspiration to launch settlement processes for other Arab currencies that have been announced to be included on the platform.

https://www.amf.org.ae/ar/content/%D8%A8%D8%B9%D8%AF-%D8%A7%D8%B3%D8%AA%D9%83%D9%85%D8%A7%D9%84-%D8%B9%D9%85%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D8%B1%D8%A8%D8%B7-%D8%A7%D9%84%D8%AA%D9%82%D9%86%D9%8A-%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%A5%D8%B7%D9%84%D8%A7%D9%82