The Central Bank of Egypt’s (CBE) board of directors approved the rules regulating the multicurrency real-time gross settlement (RTGS) system.
The multicurrency RTGS system will be launched on Monday, 22 March, 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, the CBE’s Sub Governor, Ramy Aboul Naga, said in a statement on Tuesday.
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.
Developing the system to include multicurrency transactions will help facilitate the transfer of funds in foreign currencies between banks operating in Egypt more efficiently than the conventional methods, he noted.
