## 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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## Bibliographic details
- Published: June 19, 2023

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### 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.*

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## References

- [https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)
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_Source: https://www.imf.org/en/news/articles/2023/06/19/sp061923-md-press-statement-high-level-policy-roundtable-on-central-bank-digital-currencies_