Pakistan, Arab Monetary Fund ink MoU to facilitate cross-border remittances

The Arab Monetary Fund (AMF) and the State Bank of Pakistan (SBP) on Friday signed a memorandum of understanding (MOU) to facilitate cross-border remittances between the Arab region and Pakistan. According to a statement, the MoU is signed to establish a framework of cooperation between Buna, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by AMF, and Raast, Pakistan’s Instant Payment System.