At the heart of the complementarity between price and financial stability is the shared responsibility of central banks and commercial banks for money creation.10 Central banks have the monopoly for creating outside (high-powered) money, whereas commercial banks provide inside money to facilitate transactions and to finance the broader economy.
ZAHAV is a national network for all financial transactions in the economy. Its stability and availability is a precondition for management of an advanced economy, and the basis for conducting monetary policy. Therefore, RTGS systems around the world are managed by the central banks.