(Corrects headline, lede, para 5 to show move still under
discussion, start date unclear)
NAIROBI Dec 6 Tanzania is considering operating
its bank payments system on Saturdays, allowing customers to
transfer money around, with traders remaining confident that the
move would not affect banks' trading positions.
The opening of real time gross settlements (RTGS) will allow
banks' customers to move money from one account to the next, a
departure from the present when settlements have to wait till
There had been initial fears the move could have an impact
on trading positions because the region's economic powerhouse,
Kenya, does not operate its payments system on Saturdays.
"This will be only to fund accounts to cover payments," said
Hakim Sheikh of the traders association, ACI Tanzania, adding it
will not impact trading positions.
He said the issue was still under discussion between the
central bank and ACI. The central bank was not available
immediately for comment.
The five nation East African Community (EAC) trade bloc has
signed a draft protocol for the formation of a monetary union.
Kenya, Tanzania, Uganda, Rwanda and Burundi, which have
already signed a common market and a single customs union,
signed a protocol laying the groundwork for a monetary union
within 10 years on Nov. 30.
(Reporting by Duncan Miriri; Editing by Toby Chopra)