The direct credit controls many of our countries still used ten or fifteen years ago called for compliance at the end of the month, as did most other prudential requirements. Payment finality at the close of the day, achieved through clearing and settlement in central bank money rather than correspondent banking, was considered sufficient.
Monthly figures (not monthly averages of daily data) were judged adequate for the purpose of computing compulsory reserves. The exchange rate and other prices were “fixed” once a day. The reality of the monetary and financial world is becoming that of the intra-day, the micro wave; we are moving towards a continuous-time economy.