The COMESA Clearing House (CCH) was established in accordance with Article 73 of the COMESA Treaty to facilitate the settlement of trade and services payments amongst Member States. It enables Member States to use local currencies in their intra-COMESA trade. Although the Clearing House was highly utilized in the 1980s and early 1990s when most Member States imposed strict exchange controls, it is being restructured to enable real time gross settlement payments in the new liberalized market setting. Subsequently the Clearing House introduced the Regional Payment and Settlement System (REPSS) which was designed to allow Member States to transfer funds more efficiently and effectively within the region. The aim of the payment system is to stimulate economic growth through increased intra-regional trade and a capacity to enable importers and exporters to settle and receive payment for goods and services through an efficient and cost-effective platform. The COMESA Clearing House is based in Zimbabwe.
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