Egypt CBE: interbank transactions surge to EGP 44.9t

By Nada Ali On Apr 3, 2024

Egypt’s central bank said the value of interbank payments in local currency on the Real Time Gross Settlement (RTGS) system totalled 44.899 trillion Egyptian pounds in the first two month of 2024, as reported by FEB on Wednesday.

In January, there were 202,602 transactions amounting to 20,580 trillion pounds, while February saw 202,977 transactions totalling 24,318 trillion pounds, according to the report.

The RTGS system is crucial for settling high-value and high-priority payment orders domestically, making it a systemically important payment system.

RTGS refers to a funds transfer system that allows for the instantaneous transfer of money and/or securities, according to Investopedia website.

CBE Central Bank of Egypt Central Bank of Egypt (CBE)Egypt's central bank Egypt’s Central Bank (CBE)interbank payments Real Time Gross Settlement Real Time Gross Settlement (RTGS)