A number of refinements have since been made to the system. Recently arrangements have been finalised to include the South African rand in the Continuous Linked Settlement process before the end of the year, which will link it to the major currencies of the world and eliminate foreign exchange settlement risk through the simultaneous settlement of both legs of foreign exchange transactions.
The South African Reserve Bank not only concentrated on the development of our own domestic payment system, but also encouraged the development of payment and settlement systems in other African countries, particularly countries forming part of the Southern African Development Community.