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Monetary policy and liquidity management after the introduction of real time gross settlement

John Sinclair Tait

In 1996 the Bank will introduce the ESAS system to provide banks with real time access to their settlement accounts at the Reserve Bank. In this article monetary policy and bank liquidity implications of the development are discussed. The article is fairly technical and readers will need to have a reasonable understanding of payment system reform and the current monetary policy regime. Three previous Reserve Bank Bulletin articles listed in the footnote below provide a good source of information for a reader new to this area.