- The BCT
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SGMT (The Tunisian System for Transfer of Gross Amounts) is the RTGS (Real Time Gross Settlement) managed by the Central Bank of Tunisia.
This system, put into operation in November 2006, represents a payment infrastructure that helps to carry out fast and secure payment between participating financial institutions. It helps in particular to:
Targets sought through the establishment of SGMT
Participants in SGMT
The BCT: as an owner, supervisor and manager of the system but also an ordinary participant that issues and receives orders.
The lending institutions acting as banks: a participant can have one of the two following status:
Direct: manages by itself issue orders in the system and follows up its position via a “participant platform”. It is endowed with a subscription to SWIFT network.
Indirect: Holds a settlement account in SGMT, but for lack of technical means, carries out its orders through a direct participant.
A participant can be eligible for an intra-day advance if it holds Treasury bonds in coverage of non-remunerated advance and the one to be reimbursed within the same day.
Conditions for participation in SGMT
1. Signing a participation convention with the BCT.
2. Paying fees for participation in the system.
3. Technical approval of the BCT with respect to infrastructures of connection of participants to the system.
Transactions settled in the SGMT
• Interbank Treasury transactions: borrowing loan, transfers on behalf of ordering participant or on behalf of its customer=>100 thousand dinars, exchange operations…
• BCT operations tied to the monetary system (Open Market, loan facility, deposit, granting advance, etc.)
• Payment orders initiated by the BCT in the form of debit or credit (exchange operation, remission of Treasury mandate …)
Operating of SGMT is based upon 5 principles :
1. provision control.
2. irrevocability of orders.
3. respecting FIFO rules.
4. managing the queue.
5. granting intra-day advances.
Role of the BCT
The Central Bank of Tunisia has several roles with relation to SGMT.
2. Administration of the system: it is the pillar of the operating system:
· Set the principles and modalities of the system’s operation;
· Inform participants about possible changes introduced in the system (change of the exchange day profile, momentary interruption of SGMT services, new operations, admission of new participants, …).
3. Prudential supervision: This supervision aims at operational and financial stability of the system:
3 – Supervision of systems and means of payments
In application of article 33 (new) and 33 A of BCT organic law n°55-90 of 19 September1958 providing for creation and organization of the Bank, the latter watches over and guarantee stability, soundness and efficiency of the systems of payment.
To this end, the BCT organizational chart provides for a structure devoted to supervision and development of systems and means of payments.
The supervision function is intended to comply with international standards and aims mainly at:
The function of development of the payment system targets: