Collateralising arrangements would avoid the creation of credit risk. With extended operating hours in some countries and access to domestic payments systems being on a real-time gross basis, payments by banks in different currencies into and out of the special purpose bank would be made with finality on a continuous basis. FX settlement risk would be eliminated.
Financial inclusion programmes may do many things to facilitate financial transactions and financial sector coverage, as well as the penetration and the efficiency of financial sector, but the temptation to treat them as a panacea must be resisted. They can at best facilitate but cannot deliver employment, development, equity or environmental benefits.