CBE: RTGS transactions top EGP179t in 8 months

The Central Bank of Egypt (CBE) reported on Monday a significant surge in real-time gross settlement (RTGS) transactions among banks operating in the country during the first eight months of 2024.

In January, the number of transactions reached 202,602, with a total value of 20.580 trillion Egyptian pounds. This figure was further surpassed in February, with 202,977 transactions valued at 24.318 trillion pounds.

The upward trend in RTGS transactions persisted throughout the first five months of 2024. In March, the number of transactions reached 213,761, valued at 25.563 trillion Egyptian pounds. April saw a slight decrease to 192,287 transactions worth 21.667 trillion pounds, followed by a rebound in May with 206,209 transactions valued at 21.557 trillion pounds.

The momentum continued into the second half of the year. In June, RTGS transactions reached 175,502, worth 16.898 trillion pounds. July witnessed a significant increase to 222,814 transactions valued at 25.281 trillion pounds. Finally, August saw a slight decline to 206,224 transactions, but the total value remained impressive at 23.332 trillion pounds.

Since the CBE introduced the RTGS in 2009, funds moved using RTGS have been generally growing yearly. The surge in RTGS transactions highlights the system’s efficiency and reliability in handling large-value, high-priority payments.

The RTGS system plays a crucial role in facilitating high-value, time-sensitive payments within a country. It is widely recognised as the most essential payment system, often classified as systemically important due to its far-reaching influence on other economic sectors.

RTGS systems handle large-scale, high-value transactions. The stability and efficiency of these systems are critical to the overall health of an economy. Disruptions to RTGS can have severe consequences, while improvements can enhance the smooth flow of funds and support economic growth.

Attributi0n: The CBE