Central Banking

BoJ paper quantifies benefits of liquidity-saving measures in RTGS

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Measures incorporated into the Bank of Japan's (BoJ) real-time gross settlement (RTGS) system aimed at freeing up liquidity are effective, but the effects may change as monetary stimulus is withdrawn, according to a working paper published by the BoJ today.

The Effects of Settlement Methods on Liquidity Needs, by Saiki Tsuchiya, examines funds transfer data to gauge the effects of "liquidity saving features" that were added to the RTGS system in 2008. These, the paper finds, freed up around a ¥1

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