THREE TIMES THE AMOUNT OF GDP GOES THROUGH RINGS WITHIN A YEAR
On June 2 the Real-time Interbank Gross Settlement System (RINGS) was put into operation by the Bulgarian National Bank (BNB), bringing to an end one of the most complex reforms in Bulgaria - the reform of the payment system. An illustration of that is the fact that the average daily payments in Bulgaria are worth some BGN400MN, which makes up BGN100BN a year, or about three times the amount of the gross domestic product (GDP).
The first payment was ordered at 08.15 hrs. on Monday by Citibank to Raiffeisenbank (Bulgaria). Within the first day of RINGS' operation 547 payments worth BGN346MN were effected. Clients' payments under trade deals below BGN100,000 were 111 in number.The new payment system also includes BISERA (interbank cash transfer servicing system), BORIKA (card payment system), and the systems for payment of deals in securities of the Central Depository and the Securities Depository. RINGS' advantages are that the payments in Bulgarian currency on this country's territory are effected within a day and the bansk will be managing their money more effciiently. The settlement of exchange deals has been reduced by one day after the introduction of RINGS. Payments of deals and transfer of ownership on shares in the Central Depository shall be settled within two days.