Baz Calls for Retention of RTGs

Posted to the web 10 October 2008 Paul Nyakazeya THE Bankers Association of Zimbabwe (Baz) has proposed setting aside the suspension of Real Time Gross Settlement (RTGS) system and Internal Transfers so that genuine transactions are not punished for the illegitimate activities of others. To ensure this, the association has proposed strictly enforcing a limited number and value of transfers per customer daily. According to minutes of a meeting by Baz held on Tuesday in response to the suspension of RTGS, Baz said in the event that the proposal cannot be effected in the short term, at least clearing and non-clearing banks should be allowed to use the RTGS between themselves for their own transactions only. This will improve liquidity and fluidity. "In the event that none of the above can be considered, then RTGS, the Central... [read full story]