It would be inappropriate for me to conclude without saying something about monetary policy and inflation, and the contribution monetary policy can make to the growth and employment trajectory. We know that unemployment has serious socioeconomic consequences, but so does high inflation. It is difficult to find examples in history where sustained economic growth and high inflation went hand in hand.
The NPS is a national, multifaceted switching platform for various payment channels and it will settle the net positions of banks on the MACSS while reducing the cost of transactions and routing costs via the reduction of interconnection charges and merchant fees, in particular on domestic transactions.