Big savings from Central Treasury Management System

The Jamaican Government has been saving nearly $4 million weekly since implementing the Central Treasury Management System in 2012.
   
Accountant-General, Karlene Murdock, says the daily amount is $750,000.
  
The Central Treasury Management System allowed the Government to replace bank accounts of all ministries, departments and agencies with one account at the Bank of Jamaica.
  
All payments are disbursed from this account, which is managed by the Accountant-General's Department.
  
This has eliminated bank charges and miscellaneous fees.

"We did an exercise recently and we found that a cheque could cost anywhere near $250 per cheque - and this is outside of the banking fees. So, if you multiply that by three thousand transactions per day, you can appreciate the volume of savings that we are realising in this new system," she explained, in an interview with Jamaica Information Service (JIS), the State operated public information agency.