SADC ready for single payment settlement system.

Position:Finance - Southern African Development Community - Brief article

The central banks of the Southern African Development Community (SADC) are installing systems designed to deliver a single payment and settlement means for the 15-state organisation.

Dave Mitchell, head of the national payment system department at the South African Reserve Bank, says 12 SADC states are "gross real-time settlement system on line" allowing them to conduct immediate electronic settlements. Seychelles, Madagascar and the DR Congo are yet to link up.

The plan, says Mitchell, is for the SADC to replicate the EU's economic integration model culminating in one central bank, one multinational payment and settlement system and one currency.


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