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CENTRAL Bank Governor Larry Howai has described a pilot project by four Caribbean central banks to develop an alternative payment system aimed at reducing reliance on the US dollar for trade and remittances, as interesting.

But Howai said the bank would have to get more information on this initiative before it can adopt a formal position on it.

A report in the Jamaica Gleaner said the initiative seeks to transform cross-border payments, and will eventually link it to Africa’s system, which created the service three years ago.