The ‘Interbank Foreign Currency Exchange Market’ Now Makes It Possible To Move US Dollars Between Local Banks
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Following the introduction of the Interbank Foreign Currency Exchange Market (IFCEM), which allows banks to exchange foreign currency between banks and Bureau De Changes, you will now be able to easily transfer or move your US Dollars between local banks.
Before today, it was technically impossible to do that as there was no central system (like the RTGS system) that could facilitate that type of a transaction. If you needed to transfer the US dollars, you’d have had to draw them out of your bank and then physically go with them to another bank to deposit them- which is quite tedious.
But tedious is one for it, entities like companies found it to be almost impossible to move their money from one bank to another because they weren’t able to physically draw out something like $20 000 (for instance) from their bank. So with the new IFCEM companies or individuals will not have a hard time to move their money hence the flow of business will be much enhanced.
Real-time Gross Settlement (RTGS) is a fund transfer system where the transfer of money takes place from one bank to any other bank on a “real time” and on a gross basis. Settlement in “real time” means a payment transaction is not subjected to any… Read More About RTGS
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