Buna and Raast Go Live with PKR Cross-Border Payments Between Arab Region and Pakistan

The Arab Monetary Fund's Buna cross-border payment platform completed its interlinking with Pakistan's Raast instant payment system in October 2025, adding Pakistani Rupee (PKR) as a settlement currency. The connection enables direct transfers from participating Arab-region banks to Raast-connected accounts in Pakistan.

Remittance Corridor Impact

Pakistan receives over $30 billion annually in remittances, with approximately $15 billion originating from GCC countries - primarily Saudi Arabia and the UAE. The Buna-Raast link provides an alternative to traditional correspondent banking and informal hawala channels for this substantial corridor.

Buna's Multi-Currency Growth

PKR joins USD, EUR, AED, SAR, EGP, and JOD as currencies available on the Buna platform. The Arab Monetary Fund has positioned Buna as the region's answer to SWIFT for intra-Arab and near-region payments, with over 120 banks across 22 countries now connected.

What This Means

This is a strategically important connection. Gulf-to-Pakistan is one of the world's largest remittance corridors, and the formal banking system has long competed with informal channels on cost and speed. Direct system-to-system connectivity eliminates intermediary banks, potentially reducing both settlement time and fees. If transaction volumes scale, this could meaningfully shift remittance flows from informal to formal channels.

Sources: Arab Monetary Fund, SBP