Central banks of Iraq, Egypt, Jordan launch joint pension service for retirees residing outside their countries
Shafaq News/ The central banks of Jordan, Iraq, and Egypt, as well as the "Buna" platform, announced a joint Arab initiative on Thursday to launch a service to pay the pensions of retirees living in Arab countries via the platform.
The initial phase of the initiative includes Jordan, Iraq, and Egypt, enabling Iraqi retirees residing in Jordan or Egypt to receive their monthly salaries in Jordanian dinar or Egyptian Pound more efficiently. Those who wish to take advantage of the new service can open a bank account with any of the participating banks in order to receive their monthly salary. Moreover, retirees can keep up with the latest news from various banks in order to request additional information.
Plans are being made to launch the Buna initiative in other Arab nations in coordination with their central banks as more banks sign up for the platform, with the goal of enhancing retirees' experiences in the Arab world and improving the efficiency of payments in a variety of contexts, such as allowances for scholarship students, allowances for health care recipients, transfers of diplomatic missions, and other government payment initiatives.
The Central Bank of Jordan's Governor, Adel Sharkas, stated that the bank's support for the initiative is a continuation of the bank's approach to supporting joint Arab initiatives aimed at boosting economic and social integration in the Arab region.
"Iraq is keen on providing the best financial services to its citizens," the governor of Iraq's Central Bank, Mustafa Makhif, said, "this initiative will provide distinguished financial services and solutions to Iraqi retirees residing in Jordan and Egypt."
Makhif highlighted the bank's "relentless efforts to employ the country's banking sector with top technology and enhance the Arab economic cooperation."
The Arab Monetary Fund (AMF) established Buna, a cross-border and multi-currency payment system, in 2018 to promote greater economic and financial integration among Arab nations and increase trade and investment activities with international trading partners.
