The "Central Bank" and the Saudi Central Bank issue a report on the common digital currency "Aber"

The Central Bank of the United Arab Emirates and the Saudi Central Bank "SAMA" announce in a joint statement the results of the "Aber" project, and share the final report on the results of the project through the official website of the UAE Central Bank and SAMA.

It should be noted that, in light of the ongoing experiences and research, the two central banks launched the "transient" project as an innovative initiative that is considered one of the first internationally experiments at the level of central banks in this field.

It aims to prove the principle, understand and study the dimensions of issuing a digital currency to central banks (WholesaleCBDC), use the closely distributed records technology through actual application, and deal with these technologies directly in order to implement financial transfers between banks in the two countries in a way that ensures shortening the time of their completion and reducing their cost, By issuing a fully-covered central bank digital currency issued jointly between the UAE Central Bank and SAMA, and used only by the two central banks and banks participating in the initiative as a settlement unit for commercial bank operations in both countries;

Whether it is local operations or operations between the two countries' borders.

 For an entire year, usage solutions were designed, implemented and managed.

The solutions, results, and main lessons learned were documented in the report of the "Aber" project, through which the UAE Central Bank and SAMA aim to make the project's outputs significantly contribute to the knowledge content in this field, and lay the foundations for future work planned to be explored in the coming years.

The UAE Central Bank and Sama confirmed that the final results of the project were consistent with the results of similar experiences of a number of central banks in proving that the distributed records technology will contribute to providing central banks with the necessary capabilities to develop payment systems at the local and cross-border levels.

The two parties hope that the project will represent a base for further studies and applications in partnership with central banks and relevant international organizations that focus in particular on studying the implications that may result from monetary policy tools and the stability of the financial sector, and the impact of various technical possibilities on regulatory frameworks, and the sector in general.

In conclusion, the Central Bank of the United Arab Emirates and Sama express their happiness with the results achieved, the visions, and the valuable lessons learned that have been reached and documented in the report of the "Aber" project, which are believed to be beneficial to the community of central banks and the financial system in general, hoping that it will contribute to Developing clear perceptions of the capabilities of this technology and its applications to the financial sector. 

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