Remittances

    In a significant development, the Arab Monetary Fund (AMF) and the State Bank of Pakistan (SBP) have formally signed a Memorandum of Understanding (MOU) aimed at facilitating cross-border remittances between Pakistan and the Arab region.  To make.  to create.

    The MoU establishes a cooperative framework between BONA, a cross-border payment system managed by the Arab Regional Payments Clearing and Settlement Organization (ARPCSO), owned by the AMF, and Raast, Pakistan's immediate  Payment systems.

    BONA's primary objective is to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies and major international currencies, all in a secure, cost-effective, risk-controlled,  And in a transparent environment.

    SBP's 'Raast' instant payment system, built as per international ISO 20022 standards, offers customers a simple, free, fast, efficient and secure payment solution.

    The MoU was officially signed in Abu Dhabi by Abdul Rahman bin Abdullah Al Hamdi, Director General and Chairman of the Board of Arab Monetary Fund and State Bank Governor Jameel Ahmed.

    Raast's integration with Bona is set to streamline cross-border remittances between the Arab region and Pakistan through official channels.  The initiative is expected to benefit both individuals and businesses by providing a means of quick, secure, and cost-effective cross-border payments.  Moreover, it will strengthen economic, financial and investment relations between Arab countries and Pakistan.

    Abdul Rahman bin Abdullah stressed that this cooperation underlines Buna's determination to connect different regions and enhance economic, financial and investment links between the Arab region and its global partners.

    Jameel Ahmed said that this MoU is an important step towards closer relations between Pakistan and the Arab region.  This is in line with the vision of leveraging cross-border integration to build an innovative digital financial services ecosystem.

    He also highlighted that the integration of the two payment systems will increase remittances to Pakistan from government sources, leading to better speed, security and cost savings in cross-border transactions.


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