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The
Central Bank of Lesotho has engaged Montran
Consultants to design and install a Real Time Gross
Settlement (RGTS) System for speedy processing and
settlement of large-value and time-critical payment
instructions for interbank and customer payments.
A Real
Time Gross Settlement System is an electronic system
using telecommunication networks to transmit and
process payment instructions in real time. It
entails the processing of each payment instruction
individually, and settling such transactions on a
gross basis, without netting debits against credits,
and in real time provided funds are sufficient to
cover the payment. Settlement is final and
irrevocable.
The initiative to introduce a RTGS System is the
first major step undertaken by the Central Bank of
Lesotho towards the modernisation of the country’s
payment and clearing system. The benefits to be
derived from the RTGS System include the limiting or
elimination of systemic risks thus maintaining
financial stability and strengthening the financial
infrastructure. It will reduce the use of cheques
for large-value payments and the inherent credit and
liquidity risks associated with the current manual
paper-based clearing system.
A payment system is important in the financial
structure of the economy. It is a means of
promoting economic efficiency and a reliable channel
for implementing monetary policy, by ensuring safe
and reliable means of transferring funds in an
economy. In this regard, the RTGS System shall
facilitate a sound and secure financial sector, as
well as meet both the domestic and internationally
acceptable requirements for effective payment
mechanisms. It is in recognition of the importance
attached to a payment system that the Central Bank
of Lesotho, taking cue from other central banks in
the SADC region, and from observed deficiencies in
the current payment system, embarked on reforming
the country’s payment system. Consequently, the
Lesotho National Payment Modernisation (LNPS)
Project was established, with the Central Bank of
Lesotho playing a leading role, and other major
stakeholders playing an active role.
For
further details, contact Mr. Thato Mohasoa – PRO –
Governor’s Office
Tel.: 22314281 ext. 2139
Cell: 58708000
2006 January,
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