{
  "title": "Central Bank Operations in a world of Digital Money",
  "sourceUrl": "https://www.imf.org/en/capacity-development/training/icdtc/schedule/sa/2022/cbodmsa22-38",
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  "summary": "Central Bank Operations in a world of Digital Money Training Program Target Audience Central bank staff involved in monetary policy, monetary policy implementation & digital money.",
  "publishDate": "2023-03-11",
  "sections": [
    {
      "heading": "Training program overview",
      "content": "- Title: \"Central Bank Operations in a world of Digital Money\"\n- Newly designed course for the SARTTAC member countries.\n- Target Audience:\n  - Central bank staff involved in monetary policy, monetary policy implementation & digital money.\n- Qualifications: None\n- Session details:\n  - Session No.: SA 22.38\n  - Location: New Delhi, India\n  - Date: September 26-30, 2022 (1 week)\n  - Delivery Method: In-person Training\n  - Primary Language: English\n  - Status: Deadline passed"
    },
    {
      "heading": "Course description — scope and analytical focus",
      "content": "- The course addresses the rise of new and proposed forms of digital money, including:\n  - CBDC\n  - Stablecoins\n  - Payment service providers\n- Emphasis on how these innovations imply unprecedented changes in retail and wholesale payments systems.\n- Analytical distinctions highlighted:\n  - The significance of alternative payment arrangements differs depending on whether the monetary authority:\n    - Conducts a traditional policy intended to affect overall real interest rates, or\n    - Conducts quantitative easing or tightening.\n  - It also differs depending on whether the authority implements policy by:\n    - Targeting nominal interest rates, or\n    - Targeting monetary aggregates.\n- Core questions and foci:\n  - The extent to which these innovations upend the role of and implementation of monetary policy.\n  - Monetary policy implementation implications of introducing CBDCs and bank and nonbank stablecoins into an economy.\n  - Focus on the interest rate channel and whether digital money will change monetary policy and central bank operations.\n  - Redefinition of monetary aggregates to take into account new payment assets.\n  - Lectures on currency-in-circulation (CiC) trends globally and impacts on central bank operations, including:\n    - Seigniorage\n    - Transactional velocity of digital money\n    - Sterilization\n    - Parallels between CiC and CBDC"
    },
    {
      "heading": "Course objectives",
      "content": "- Upon completion, course participants will:\n  - be familiar with the different forms of digital money (inside & outside money, private & public money)\n  - will understand the challenges and implications of new forms of digital money for monetary policy implementation"
    }
  ],
  "bullets": [
    "Title: \"Central Bank Operations in a world of Digital Money\"",
    "Newly designed course for the SARTTAC member countries.",
    "Target Audience:",
    "Qualifications: None",
    "Session details:",
    "The course addresses the rise of new and proposed forms of digital money, including:",
    "Emphasis on how these innovations imply unprecedented changes in retail and wholesale payments systems.",
    "Analytical distinctions highlighted:",
    "Core questions and foci:",
    "Upon completion, course participants will:"
  ],
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  "generatedAtUtc": "2026-09-29T19:48:27.360Z"
}