By BUUMBA CHIMBULUTHE Bank of Zambia (BoZ) is in the process of ensuring that the Kwacha is among the settlement currencies on an electronic cross border funds transfer system for the Southern African Development Community (SADC) region.The Integrated Regional Electronic Settlement System (SIRESS) is an electronic cross border funds transfer system that facilitates settlement of funds within the region in real time and on a gross basis.A total of 15 out of the total of 16 SADC member countries are participating in the SIRESS.BoZ Governor, Denny Kalyalya, said efforts were being made to include the Zambian Kwacha as a settlement currency on SIRESS.Dr Kalyalya said trading on the platform was already taking place.He was responding to concerns from Zambia Chamber of Commerce and Industry (ZACCI) President Chabuka Kawesha on progress made on SIRESS.“SIRESS was birthed in 2009 and implementation kicked off in 2010, with South African Reserve Bank (SARB) being appointed as the operator of […]
Kwacha to get on SADC funds transfer system
