The Arab countries have approved plans to create an independent regional entity for clearing and settling intra-Arab payments, the Arab Monetary Fund (AMF) said in a statement on Saturday.

 

The new entity, supported by Arab central banks, will have a capital of $100 million and be owned by the AMF, an association comprising the 22 Arab states.

 

The objective of the new formation is to promote the use of local currencies in intra-Arab payment clearing and settlement transactions, alongside main international currencies, the statement added.

 

AMF gave no details on when the system would go live.

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