The Committee on Payment and Settlement Systems (CPSS) periodically publishes – under the aegis of the Bank for International Settlements (BIS) – reference works on payment systems in various countries, widely known as "Red Books". The CPSS has also invited the central banks of a number of countries where important developments in payment systems are under way to prepare – in collaboration with its Secretariat at the BIS – separate volumes on their respective payment systems. The present volume, the first edition of the Red Book for Serbia, is a further step towards increasing our understanding of the way payment systems work in different countries.
Properly functioning payment systems enhance the stability of the financial system, reduce transaction costs in the economy, promote the efficient use of financial resources, improve financial market liquidity and facilitate the conduct of monetary policy. In recent years, issues relating to the economic efficiency and financial risks of all types of payment systems have come to the fore.
Central banks have a strong interest in promoting safety and improving efficiency in payment systems. They play a key role in domestic payment system development and, in many cases, operate large-value payment systems. Central banks in many countries have been influential in improving public understanding of payment and settlement arrangements in their countries and public awareness of the various policy issues connected with such arrangements.
Payment systems include not only retail money transfer systems used by businesses and consumers for commercial purposes but also large-value interbank funds transfer systems that underpin the money and credit markets of market-oriented economies. Systems for the settlement of securities transactions and the related payments are also key elements in financial system infrastructure.
We hope that this volume will contribute to the general understanding and awareness of payment and settlement arrangements in Serbia, both domestically and internationally.
|Timothy F Geithner, Chairman||Radovan Jelašić, Governor|
|Committee on Payment and Settlement Systems||National Bank of Serbia|