A Euro-rand market developed in Europe where the total amount of outstanding Euro-rand bonds now exceeds R37 billion. To stay in step with the financial globalisation process, the Reserve Bank recently also upgraded the national payment, clearing and settlement system.
The new system now provides for: n n n n n  an electronic on-line real-time link between participating banks; secure fund transfers between banks through Reserve Bank settlement accounts; a better management on a continuous basis of the liquidity positions of banks; electronically managed end-of-day settlement of interbank transactions; and from the beginning of October, settlement of large transactions on a gross basis as and when instructions are received by the system.