The value of payments executed between banks in the local currency on the real-time gross settlement (RTGS) system amounted to EGP 60.101 trillion during the period from the beginning of January to July 2022 for about 1.651 million transactions, according to the Central Bank of Egypt (CBE).
A CBE report revealed that the number of transactions during the month of July recorded 204,417 thousand, worth EGP 7.919 trillion.
RTGS is the continuous process of settling payments on an individual order basis without netting debits with credits across the books of a central bank.
The report added that the number of operations amounted to 242.552 thousand operations during January, worth EGP 7.440 trillion. In February it recorded 229,684 thousand operations, valued at EGP 6.927 trillion.
The value of the momentary settlement operations of banks during the month of March amounted to EGP 11.144 trillion for 287.481 thousand transactions, EGP 9.968 trillion for about 227.955 thousand transactions in April, and EGP 7.518 trillion for 218.661 thousand transactions during May.
Transactions during the month of June only recorded 240,950 thousand transactions worth EGP 9.182 trillion.
RTGS is used to settle high-value payment orders that take place within the country, and it is usually the most important payment system within any country, and is known as one of the systemically important payment systems due to its impact on many systems. other.
RTGS is also considered a payment system of systemic importance because it operates through operations of large size and importance to the extent that the risks surrounding the system are capable of negatively affecting the economy as a whole, and the reduction of those risks positively affects the efficiency of cash circulation within the economy as a whole.
The Central Bank of Egypt began working with the instant settlement system as of March 15, 2009, and the instant settlement system in Egypt was designed according to the latest economic concepts and theories of large value payments, supported by the best technological technologies.