The new rules and system will be in force starting March 22nd said a CBE statement
The Central bank of Egypt (CBE) has announced the newly approved rules that regulate the multicurrency real-time gross settlement (RTGS) system, which will shorten the time required to implement payments in foreign currencies between Egyptian banks and reduce banking costs.
The new rules and system will be in force starting March 22nd said a CBE statement.
The multicurrency RTGS system will be launched on March 22, to help reduce the costs of payment orders of foreign currency-denominated transactions between banks in Egypt and cut the time required for processing and settling this type of orders, said CBE’s Sub Governor, Ramy Aboul Naga.
The new RTGS system will enhance the CBE’s level of supervision, says First Deputy Governor of Banking Operations and Payment Systems Sector, Amani Shams El Din, adding that it will support technical integration with other modern systems provided by CBE.
These would include the central depository and settlement system for securities, governmental foreign currency, and collateral management system.
She added that reducing the cost through the new system encourages banks to consider reducing the bank tariff for transfers in local currencies executed inside Egypt.
Total payments between banks through the RTGS system reached EGP 70 trillion in 2020, the CBE’s Assistant Sub Governor for Payment Systems and Business Technology Sector, Ehab Nasr, said.
