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Mr. Itai Agur, Jose Deodoro, Xavier Lavayssière, Soledad Martinez Peria, Mr. Damiano Sandri, Hervé Tourpe, and Mr. German Villegas Bauer

because, first, they are the only traditional payment system for which detailed estimates per transaction are available and, second, credit card transactions constitute the majority of digital payment transactions worldwide (Annex I). Here, core processing refers to credit card companies’ data centers. All estimates for core processing by credit card companies are above those for permissioned DLT systems. Various factors complicate this comparison, but these generally serve to widen the difference between the estimates in favor of non-PoW permissioned DLT, relative to

Mr. Krishna Srinivasan, Ms. Inci Ötker, Ms. Uma Ramakrishnan, and Mr. Trevor Serge Coleridge Alleyne

transactions by crediting and debiting those accounts. Correspondent banking relationships are a key component of a well-functioning international financial system. They enable a range of crucial transactions and services, including the execution of third-party payments such as wire transfers and credit card transactions, trade finance, and transactions related to the banks’ own cash-clearing, liquidity management, and short-term borrowing or investment needs. Following the global financial crisis, banks reduced their involvement in less profitable and riskier activities

International Monetary Fund. African Dept.

savings, ease demand for foreign exchange, and contain inflation. A new payment system allowing credit card transactions is being developed, which will stimulate tourism and raise foreign exchange receipts. Financial sector supervision will be strengthened. “Comprehensive structural reforms will also be pivotal in promoting private-sector led inclusive growth and safeguarding macroeconomic stability. Key reforms include implementing the Tourism Development Strategy, publishing a codified procedure for the approval of private investments, rehabilitating the energy