Real-time gross settlement between banks records EGP 10.85trn in January 2022: CBE

Daily News Egypt
2 Min Read

The Central Bank of Egypt (CBE) has said that the local currency real-time gross settlement (RTGS) between banks operating in the Egyptian market reached about 236,780 transactions worth EGP 10.857trn in January 2023.

The total RTGS in 2022 amounted to EGP 119.901trn through about 2.836 million transactions.

The RTGS system is used in the settlement of high-importance, large-value payment orders that take place within the country, and it is usually the most important payment system within any country. It is known as one of the systemically important payment systems due to its influence extending to many other systems.

The CBE started working with the RTGS system as of 15 March 2009, and it was designed according to the latest economic concepts and theories for large-value payments, supported by the best technological techniques.

The CBE announced the settlement of 898,100 transactions through the checque clearing system in Egyptian pounds, at a value of EGP 215.360bn, in January 2023.

According to the CBE, the total settlements through the checque clearing system in Egyptian pounds recorded about EGP 2.295trn through 10.858 million transactions in 2022.

The CBE is currently managing and operating two checque clearing systems, the first is the commercial check clearing system, and the second is the government check clearing system, known as the government funding check clearing system, and through the two systems about 70,000 checks are settled daily.

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