An arrangement for digitally processing a given number of analog channel signals, more particularly a digital multiplexer and demultiplexer provided with a number of signal paths each comprising a recursive digital filter and delay circuits arranged in cascade therewith, said filter circuits having an amplitude-frequency characteristic of a lowpass filter having a cut-off frequency which is equal to half the bandwidth of a channel signal and a phase-frequency characteristic which is such that the difference between such a phase-frequency characteristic and the phase-frequency characteristic of a reference digital filter has a sawtooth-shaped variation, the slope of the sawtooth being opposite to the slope of the cooperating delay circuit. The arrangement furthermore comprises in cascade a discrete Fourier transformer connected to the signal paths.