Recognizing the need to implement a system for monitoring international transactions and domestic foreign currency transactions through the banking system, the Central Bank has implemented the data collection system with the participation of Licensed Commercial Banks and Licensed Specialized Banks.
The International Transaction Reporting System is a system of collecting detailed data on cross-border transactions and domestic and foreign currency transactions.
The system is expected to fill a number of existing data gaps, in addition to export earnings, imports, and transfer of IT-based business processes to external sources. The Central Bank also stated that the database could serve a number of purposes, including improving the balance of payments frequencies, including transactions, remittances, and financial account transactions.
The Central Bank further stated that the International Transaction Reporting System will also help in obtaining information on the origins of foreign exchange inflows into the country for education, medicine, tourism and other purposes that will help in future policy decisions. The first phase of the International Transaction Reporting System is scheduled to go live on June 21, 2022.
These reporting requirements are based on the powers conferred by the Monetary Law Act No. 58 of 1949, the Banking Act No. 30 of 1988 and the Foreign Exchange Act No. 12 of 2017.
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