BCT reinforces regulation of management of payment systems and settlement – delivery of securities

The Central Bank of Tunisia (BCT) said Tuesday it has published Circular No. 2024-05 of 13 February 2024, which aims to define the rules governing the management of payment and securities settlement systems. This circular defines the conditions for access to the business of managing payment systems, governance requirements and risk management, with a view to aligning them with international best practices, in particular the principles of financial market infrastructures defined by the Bank for International Settlements (BIS), the BCT said in a press release. It also aims to enhance the technical and institutional capacity of national payment systems, thereby facilitating their integration into regional settlement systems. According to the BCT, the publication of this circular is part of its tasks under Articles 8 and 17 of Law No. 2016-35 of April 25, 2016, which consist of overseeing payment and clearing systems and the securities settlement system, with the aim of ensuring their efficiency and safety in order to contain systemic risk and preserve financial stability. This approach is also part of the BCT's 2022-2026 strategy for the development of digital payments. That strategy aims to modernise local payment and securities settlement systems to make them resilient financial market infrastructures capable of supporting the various key projects to promote financial inclusion and reduce the excessive use of cash, thereby increasing public confidence in digital payments. Source: Agence Tunis Afrique Presse