Pakistan has decided to integrate its digital payment system with the Arab world’s Buna platform, operated by the Arab Monetary Fund (AMF), The News reported.
The arrangement will enable cross-border transactions, but only allow inflows from overseas Pakistanis, with no provision for outward transfers.
The development was disclosed during a meeting of the National Assembly Standing Committee on Finance, chaired by Syed Naveed Qamar, at an IT park in Islamabad on Thursday.
Governor of the State Bank of Pakistan Jameel Ahmed informed the NA panel that transactions under the digital payment system hovered around the Rs1 trillion mark on a per-annum basis when Raast was launched, but now the volume of transactions under the digital payment system crosses Rs1 trillion mark in nine days.
Buna is the Arab Regional Payment System, a cross-border, multi-currency platform owned by the Arab Monetary Fund (AMF) that allows financial institutions to send and receive payments in Arab and international currencies across the Arab region and beyond.
