An employee counts money at an exchange office in downtown Cairo (Photo credit: Reuters/Amr Abdallah Dalsh)
CAIRO - 6 June 2022: Value of payments executed between banks in the local currency on the instant settlement system amounted to LE 78.6 trillion during 2020, according to the Central Bank of Egypt (CBE).
The financial stability report issued by the CBE showed that the growth rate of these settlements amounted to 50 percent during 2020 on an annual basis, which is a strong indicator of the efficiency of capital turnover and the increase in economic efficiency.
It added that the value of payments executed between banks in US currency through the instant settlement system amounted to $55.5 billion within five months of launching the system in March 2021.
“Within the framework of developing the infrastructure for digital transactions and the money market, the development of the instant settlement system has been completed and the multi-currency instant settlement system has been launched, which allows the execution and settlement of payment orders exchanged between banks inside Egypt in foreign currencies besides the Egyptian pound,” the CBE pointed out.
The instant settlement system managed by the Central Bank is the mainstay of the national payment system, as it performs the settlement function for exchanged payment orders between banks within the Egyptian banking sector.