Looking back at what has happened since the crisis hit the region, it can be seen that a considerable stabilisation effort has taken place. National and, in some cases, international responses prevented the crisis from having a more disruptive impact, as the prevailing exchange rate regimes were preserved and the banking sector showed considerable resilience.
All commercial banks open EAPS accounts with their respective central banks. The central banks also open accounts in each other’s central banks as they act as participants in their RTGS systems representing the individual commercial banks in their countries. Payments can be sent in EAC currencies. A commercial bank ensures that all its accounts in these currencies have been pre-funded before sending payments.