An Arab Initiative to Pay the Retirees Salaries through the ‘Bunna’ Platform

The Arab Monetary Fund, the Central Bank of Iraq, the Central Bank of Jordan, the Central Bank of Egypt, and ‘Bunna’ platform announced a joint Arab initiative to launch a service to pay the salaries of retirees residing in Arab countries using this platform. His Excellency the CBI Governor, Mr. Mustafa Ghalib Mukheef, said, "Iraq is keen to provide the best financial services to its citizens, and that this initiative will provide distinguished financial services and solutions to Iraqi retirees residing in countries, Jordan and Egypt, when receiving their monthly dues directly through bank accounts with transparency and a moderate cost." His Excellency added, "The initiative comes within the framework of our continuous efforts to employ financial technology and provide the banking sector with the best modern and secure solutions in the payments sector and financial inclusion, in a way that enhances joint Arab economic cooperation."

 

The initiative seeks, as a first stage, to include the category of Iraqi retirees residing in both Jordan and Egypt, in order to receive their monthly salaries more quickly and efficiently, by opening a bank account for every Iraqi retiree who wishes to benefit from this service in any of the banks participating in the initiative. Technical readiness requirements to join the ‘Bunna’ platform. It is noteworthy that the ‘Bunna’ platform is a payment system operated by the Regional Corporation for Clearing and Settlement of Arab Payments, owned by the Arab Monetary Fund, and it constitutes an integrated system specialized in providing clearing and settlement services for payments in Arab and international currencies, aiming to empower financial and banking institutions in the Arab region and beyond including central and commercial banks, to send and receive payments – between throughout the Arab region and abroad in a safe and reliable manner at an appropriate cost and high efficiency.

 

Central Bank of Iraq

     Media Office

      8.Dec.2022