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Saudi, UAE central banks work on joint digital currency plan

DUBAI: The central banks of Saudi Arabia and the UAE announced on Sunday plans to jointly develop a new digital currency. In a joint statement, the Central Bank of the United Arab Emirates (CBUAE) and the Saudi Central Bank (SAMA) launched the ‘Aber’ project, which seeks to evaluate the feasibility of issuing a digital currency for use between the two central banks.

The aim is to develop a cross-border payment system that will reduce transfer times and costs between banks in the two Gulf states.

News source ~ Arab News