The Managing Director’s Press Statement at the High-level Policy Roundtable on Central Bank Digital Currencies
IMF News, June 19, 2023
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- Published: June 19, 2023
Key findings and assessments on CBDCs
- Potential benefits of CBDCs:
- Could help to increase inclusion by giving more people access to financial services, and at a lower cost.
- Could strengthen the resilience and efficiency of payment systems.
- Could make cross-border payments and remittances cheaper and quicker.
- Could reduce the number of intermediaries in cross-border payments, foster competition and enhance transparency.
- Potential risks and challenges if poorly designed:
- Financial stability risks.
- Data privacy and legal challenges.
- Financial integrity and cyber risks.
- Central bank operational risks.
- Easy access to foreign CBDCs could lead to risks of currency substitution and capital flow volatility.
Policy implications and IMF role
- The IMF has a mandate to help ensure that digital money, including CBDCs, fosters domestic and international economic and financial stability.
- Emphasis on continued dialogue to:
- Gather and share knowledge and information for the benefit of member countries in Africa, the Middle East, and beyond.
- Enhance coordination efforts on the links between digitization, fintech and economic reform.
- The roundtable is framed as a continuation of September 2022 conversations in Jeddah on CBDCs for the region.
Research and forthcoming analysis
- The Managing Director referenced two upcoming IMF papers:
- “CBDC and Private Digital Payments in Sub-Saharan Africa”
- “A roadmap to CBDC in the Middle East and Central Asia”
- These papers are intended to provide new analysis and learning from the referenced regions.
Tone and closing
- Remarks conveyed appreciation to Morocco for hosting the 2023 Annual Meetings and for convening stakeholders to address common challenges.
- Closing words included: “I am looking forward to the rest of my visit in Rabat today, and to Marrakech tomorrow. Shukran!”
The Managing Director’s Press Statement at the High-level Policy Roundtable on Central Bank Digital Currencies, Rabat, Morocco, June 19, 2023.