This resulted in a liquidity efficiency of 2,1 per cent. Thus, in the ten years of South African participation in the CLS, the average daily value of transactions settled has increased fivefold, with only a 40 per cent increase in pay-in values.
And this aligns very well with the FSB’s vision. We have made it a priority to enhance cross-border payments – in our case at a global level. So it is a great pleasure to talk to you today about our ambitious workplan. I remember the time when I studied abroad. This was pre-euro. In Italy.