{
  "title": "The Managing Director’s Press Statement at the High-level Policy Roundtable on Central Bank Digital Currencies",
  "publication": "IMF News, June 19, 2023",
  "sourceUrl": "https://www.imf.org/en/news/articles/2023/06/19/sp061923-md-press-statement-high-level-policy-roundtable-on-central-bank-digital-currencies",
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  "summary": "The Managing Director’s Press Statement at the High-level Policy Roundtable on Central Bank Digital Currencies: The Role of the Public Sector in Money and Payments – A New Vision",
  "publishDate": "2023-06-19",
  "sections": [
    {
      "heading": "Key findings and assessments on CBDCs",
      "content": "- Potential benefits of CBDCs:\n  - Could help to increase inclusion by giving more people access to financial services, and at a lower cost.\n  - Could strengthen the resilience and efficiency of payment systems.\n  - Could make cross-border payments and remittances cheaper and quicker.\n  - Could reduce the number of intermediaries in cross-border payments, foster competition and enhance transparency.\n- Potential risks and challenges if poorly designed:\n  - Financial stability risks.\n  - Data privacy and legal challenges.\n  - Financial integrity and cyber risks.\n  - Central bank operational risks.\n  - Easy access to foreign CBDCs could lead to risks of currency substitution and capital flow volatility."
    },
    {
      "heading": "Policy implications and IMF role",
      "content": "- The IMF has a mandate to help ensure that digital money, including CBDCs, fosters domestic and international economic and financial stability.\n- Emphasis on continued dialogue to:\n  - Gather and share knowledge and information for the benefit of member countries in Africa, the Middle East, and beyond.\n  - Enhance coordination efforts on the links between digitization, fintech and economic reform.\n- The roundtable is framed as a continuation of September 2022 conversations in Jeddah on CBDCs for the region."
    },
    {
      "heading": "Research and forthcoming analysis",
      "content": "- The Managing Director referenced two upcoming IMF papers:\n  - “CBDC and Private Digital Payments in Sub-Saharan Africa”\n  - “A roadmap to CBDC in the Middle East and Central Asia”\n- These papers are intended to provide new analysis and learning from the referenced regions."
    },
    {
      "heading": "Tone and closing",
      "content": "- Remarks conveyed appreciation to Morocco for hosting the 2023 Annual Meetings and for convening stakeholders to address common challenges.\n- Closing words included: “I am looking forward to the rest of my visit in Rabat today, and to Marrakech tomorrow. Shukran!”\n\nThe Managing Director’s Press Statement at the High-level Policy Roundtable on Central Bank Digital Currencies, Rabat, Morocco, June 19, 2023.\n\n---\n\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2023/06/19/sp061923-md-press-statement-high-level-policy-roundtable-on-central-bank-digital-currencies"
    }
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    "Published: June 19, 2023",
    "Potential benefits of CBDCs:",
    "Potential risks and challenges if poorly designed:",
    "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:",
    "The roundtable is framed as a continuation of September 2022 conversations in Jeddah on CBDCs for the region.",
    "The Managing Director referenced two upcoming IMF papers:",
    "These papers are intended to provide new analysis and learning from the referenced regions.",
    "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!”",
    "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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