Central Bank Digital Currencies In The Middle East And Central Asia

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Central Bank Digital Currencies in the Middle East and Central Asia

Serpil Bouza,Bashar Hlayhel,Thomas Kroen,Mr. Marcello Miccoli,Borislava Mircheva,Greta Polo,Sahra Sakha,Yang Yang
Central Bank Digital Currencies in the Middle East and Central Asia Book PDF

Author : Serpil Bouza,Bashar Hlayhel,Thomas Kroen,Mr. Marcello Miccoli,Borislava Mircheva,Greta Polo,Sahra Sakha,Yang Yang
Publisher : International Monetary Fund
Page : 66 pages
File Size : 46,9 Mb
Release : 2024-04-26
Category : Business & Economics
ISBN : 9798400263798

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Central Bank Digital Currencies in the Middle East and Central Asia by Serpil Bouza,Bashar Hlayhel,Thomas Kroen,Mr. Marcello Miccoli,Borislava Mircheva,Greta Polo,Sahra Sakha,Yang Yang Pdf

Against the backdrop of a rapidly digitalizing world, there is a growing interest in central bank digital currencies (CBDCs) among central banks, including in the Middle East and Central Asia (ME&CA) region. This paper aims to support ME&CA policymakers in examining key questions when considering the adoption of a CBDC while underscoring the importance of country-specific analyses. This paper does not provide recommendations on CBDC issuance. Instead, it frames the discussion around the following key questions: What is a CBDC? What objectives do policymakers aim to achieve with the issuance of a CBDC? Which inefficiencies in payment systems can CBDCs address? What are the implications of CBDC issuance for financial stability and central bank operational risk? How can CBDC design help achieve policy objectives and mitigate these risks? The paper provides preliminary answers to these questions at the regional level. A survey of IMF teams and public statements from ME&CA policymakers confirm that promoting financial inclusion and making payment systems more efficient (domestic and cross-border) are the top priorities in the region. Payment services through CBDCs, if offered at a lower cost than existing alternatives, could spur competition in the payment market and help increase access to bank accounts, improve financial inclusion, and update legacy technology platforms. CBDCs may also help improve the efficiency of cross-border payment services, especially if designed to address frictions arising from a lack of payment system interoperability, complex processing of compliance checks, long transaction chains, and weak competition. At the same time, CBDCs could negatively impact bank profitability while introducing a substantial operational burden for central banks. However, the exact economic and financial impacts of CBDCs need further study and would depend on estimates of CBDC demand, which are uncertain and country- dependent. CBDC issuance and adoption is a long journey that policymakers should approach with care. Policymakers need to analyze carefully whether a CBDC serves their country’s objectives and whether the expected benefits outweigh the potential costs, in addition to risks for the financial system and operational risks for the central bank.

Recent Central Bank Digital Currency Developments in Asia and Their Implications

Asian Development Bank
Recent Central Bank Digital Currency Developments in Asia and Their Implications Book PDF

Author : Asian Development Bank
Publisher : Asian Development Bank
Page : 158 pages
File Size : 49,9 Mb
Release : 2023-08-01
Category : Computers
ISBN : 9789292702816

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Recent Central Bank Digital Currency Developments in Asia and Their Implications by Asian Development Bank Pdf

This publication analyzes the evolution of Central Bank Digital Currencies (CBDC) in Asia and the Pacific, assesses their potential risks and technical challenges, and explores their potential to improve cross-border payments and financial inclusion. Ahead of the launch of any large-scale Asian CBDC, it details various models and explores how Cambodia, the People’s Republic of China, Singapore, and Thailand are taking the lead. Outlining global developments and emerging trends, it shows why a robust digital infrastructure, strong public-private collaboration, and fintech literacy are central to ensuring CBDCs help drive the transition to a digital economy.

Cash Use Across Countries and the Demand for Central Bank Digital Currency

Mr.Tanai Khiaonarong,David Humphrey
Cash Use Across Countries and the Demand for Central Bank Digital Currency Book PDF

Author : Mr.Tanai Khiaonarong,David Humphrey
Publisher : International Monetary Fund
Page : 43 pages
File Size : 46,5 Mb
Release : 2019-03-01
Category : Business & Economics
ISBN : 9781484399606

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Cash Use Across Countries and the Demand for Central Bank Digital Currency by Mr.Tanai Khiaonarong,David Humphrey Pdf

The level and trend in cash use in a country will influence the demand for central bank digital currency (CBDC). While access to digital currency will be more convenient than traveling to an ATM, it only makes CBDC like a bank debit card—not better. Demand for digital currency will thus be weak in countries where cash use is already very low, due to a preference for cash substitutes (cards, electronic money, mobile phone payments). Where cash use is very high, demand should be stronger, due to a lack of cash substitutes. As the demand for CBDC is tied to the current level of cash use, we estimate the level and trend in cash use for 11 countries using four different measures. A tentative forecast of cash use is also made. After showing that declining cash use is largely associated with demographic change, we tie the level of cash use to the likely demand for CBDC in different countries. In this process, we suggest that one measure of cash use is more useful than the others. If cash is important for monetary policy, payment instrument competition, or as an alternative payment instrument in the event of operational problems with privately supplied payment methods, the introduction of CBDC may best be introduced before cash substitutes become so ubiquitous that the viability of CBDC could be in doubt.

The (near) Future of Central Bank Digital Currencies

Nicola Bilotta,Fabrizio Botti
The near Future of Central Bank Digital Currencies Book PDF

Author : Nicola Bilotta,Fabrizio Botti
Publisher : Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften
Page : 202 pages
File Size : 47,6 Mb
Release : 2021-02-26
Category : Electronic
ISBN : 3034342756

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The (near) Future of Central Bank Digital Currencies by Nicola Bilotta,Fabrizio Botti Pdf

The value of global cashless payments has been radically increasing worldwide. Despite cash being the most used payment instrument in the world, technological innovation and new consumer preferences are decisively transforming the way consumers pay and manage money. The COVID-19 pandemic may also have been an accelerator of the cashless mega-trend. Private players currently dominate the digital payment ecosystem, urging central banks to seek solutions to ensure public access to legal tender if cash is phased out. In this context, the idea of a Central Bank Digital Currency (CBDC) is gaining momentum. Nevertheless, there is a need to better understand the implications in terms of risks, benefits and potential costs of CBDCs. From privacy concerns to macroeconomic effects, these implications blur the boundaries of the payment and financial systems, challenging the core functions of our economy and society.

A Survey of Research on Retail Central Bank Digital Currency

Mr.John Kiff,Jihad Alwazir,Sonja Davidovic,Aquiles Farias,Mr.Ashraf Khan,Mr.Tanai Khiaonarong,Majid Malaika,Mr.Hunter K Monroe,Nobu Sugimoto,Hervé Tourpe,Peter Zhou
A Survey of Research on Retail Central Bank Digital Currency Book PDF

Author : Mr.John Kiff,Jihad Alwazir,Sonja Davidovic,Aquiles Farias,Mr.Ashraf Khan,Mr.Tanai Khiaonarong,Majid Malaika,Mr.Hunter K Monroe,Nobu Sugimoto,Hervé Tourpe,Peter Zhou
Publisher : International Monetary Fund
Page : 66 pages
File Size : 47,8 Mb
Release : 2020-06-26
Category : Business & Economics
ISBN : 9781513547787

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A Survey of Research on Retail Central Bank Digital Currency by Mr.John Kiff,Jihad Alwazir,Sonja Davidovic,Aquiles Farias,Mr.Ashraf Khan,Mr.Tanai Khiaonarong,Majid Malaika,Mr.Hunter K Monroe,Nobu Sugimoto,Hervé Tourpe,Peter Zhou Pdf

This paper examines key considerations around central bank digital currency (CBDC) for use by the general public, based on a comprehensive review of recent research, central bank experiments, and ongoing discussions among stakeholders. It looks at the reasons why central banks are exploring retail CBDC issuance, policy and design considerations; legal, governance and regulatory perspectives; plus cybersecurity and other risk considerations. This paper makes a contribution to the CBDC literature by suggesting a structured framework to organize discussions on whether or not to issue CBDC, with an operational focus and a project management perspective.

The Global Findex Database 2017

Asli Demirguc-Kunt,Leora Klapper,Dorothe Singer,Saniya Ansar
The Global Findex Database 2017 Book PDF

Author : Asli Demirguc-Kunt,Leora Klapper,Dorothe Singer,Saniya Ansar
Publisher : World Bank Publications
Page : 148 pages
File Size : 48,7 Mb
Release : 2018-04-19
Category : Business & Economics
ISBN : 9781464812682

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The Global Findex Database 2017 by Asli Demirguc-Kunt,Leora Klapper,Dorothe Singer,Saniya Ansar Pdf

In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.

Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems

Inutu Lukonga
Monetary Policy Implications Central Bank Digital Currencies Perspectives on Jurisdictions with Conventional and Islamic Banking Systems Book PDF

Author : Inutu Lukonga
Publisher : International Monetary Fund
Page : 43 pages
File Size : 53,6 Mb
Release : 2023-03-17
Category : Electronic
ISBN : 9798400236532

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Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems by Inutu Lukonga Pdf

Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems

The Future of Money

Eswar S. Prasad
The Future of Money Book PDF

Author : Eswar S. Prasad
Publisher : Harvard University Press
Page : 497 pages
File Size : 40,7 Mb
Release : 2021-09-28
Category : Business & Economics
ISBN : 9780674258440

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The Future of Money by Eswar S. Prasad Pdf

A cutting-edge look at how accelerating financial change, from the end of cash to the rise of cryptocurrencies, will transform economies for better and worse. We think weÕve seen financial innovation. We bank from laptops and buy coffee with the wave of a phone. But these are minor miracles compared with the dizzying experiments now underway around the globe, as businesses and governments alike embrace the possibilities of new financial technologies. As Eswar Prasad explains, the world of finance is at the threshold of major disruption that will affect corporations, bankers, states, and indeed all of us. The transformation of money will fundamentally rewrite how ordinary people live. Above all, Prasad foresees the end of physical cash. The driving force wonÕt be phones or credit cards but rather central banks, spurred by the emergence of cryptocurrencies to develop their own, more stable digital currencies. Meanwhile, cryptocurrencies themselves will evolve unpredictably as global corporations like Facebook and Amazon join the game. The changes will be accompanied by snowballing innovations that are reshaping finance and have already begun to revolutionize how we invest, trade, insure, and manage risk. Prasad shows how these and other changes will redefine the very concept of money, unbundling its traditional functions as a unit of account, medium of exchange, and store of value. The promise lies in greater efficiency and flexibility, increased sensitivity to the needs of diverse consumers, and improved market access for the unbanked. The risk is instability, lack of accountability, and erosion of privacy. A lucid, visionary work, The Future of Money shows how to maximize the best and guard against the worst of what is to come.

Kingdom of Bahrain

International Monetary Fund. Middle East and Central Asia Dept.
Kingdom of Bahrain Book PDF

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
Page : 15 pages
File Size : 51,6 Mb
Release : 2023-09-18
Category : Business & Economics
ISBN : 9798400254581

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Kingdom of Bahrain by International Monetary Fund. Middle East and Central Asia Dept. Pdf

Interest in CBDC is growing globally including in Bahrain, which has made considerable strides in the areas of payment service digitalization and fintech. While a CBDC could bring about various benefits, it may also imply risks. The analysis presented in this paper aims to assess some of these benefits and risks for Bahrain. It will quantify the potential impact of introducing a CBDC on the financial system and monetary policy transmission using a model specifically calibrated and estimated for Bahrain. It finds that a CBDC's perceived utility by the population is key for wide adoption. While high adoption and remuneration can help enhance monetary policy transmission, they may imply a drag on banking system profitability. A careful and analytically informed design could enhance adoption while limiting risks to financial stability.

Regional Economic Outlook: Asia and the Pacific, October 2022

International Monetary Fund. Asia and Pacific Dept
Regional Economic Outlook Asia and the Pacific October 2022 Book PDF

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 67 pages
File Size : 51,7 Mb
Release : 2022-10-28
Category : Business & Economics
ISBN : 9798400220517

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Regional Economic Outlook: Asia and the Pacific, October 2022 by International Monetary Fund. Asia and Pacific Dept Pdf

After the strong rebound of 6.5 percent posted in 2021, growth in Asia and Pacific is expected to moderate to 4.0 percent in 2022 amid an uncertain global environment and rise to 4.3 percent in 2023. Inflation has risen above most central bank targets, but is expected to peak in late 2022. As the effects of the pandemic wane, the region faces new headwinds from global financial tightening and an expected slowdown of external demand. While Asia remains a relative bright spot in an increasingly lethargic global economy, it is expected to expand at a rate that is well below the average rate of 51⁄2 percent seen over the preceding two decades. Policy support is gradually being withdrawn as inflation rises and idle capacity is utilized, but monetary policy should be ready to tighten faster if the rise in core inflation turns out to be more persistent. The region’s rising public debt lev¬els call for continued fiscal consolidation, so interven¬tions to mitigate global food and energy shocks should be well targeted, temporary, and budget neutral. Structural reforms are needed to boost growth and mitigate the scarring that is expected from the pan¬demic, especially making up for lost schooling through investments in education and training, promoting diversification, addressing the debt overhang from the pandemic, and harnessing digitalization. Strong multilateralism—including through international organizations, the Group of Twenty and regional processes—will be needed to mitigate geo-economic fragmentation and deliver much needed progress on climate change commitments.

The Spending Challenge of Achieving the SDGs in South Asia: Lessons from India

Mercedes García-Escribano,Ms. Tewodaj Mogues,Mariano Moszoro,Mauricio Soto
The Spending Challenge of Achieving the SDGs in South Asia Lessons from India Book PDF

Author : Mercedes García-Escribano,Ms. Tewodaj Mogues,Mariano Moszoro,Mauricio Soto
Publisher : International Monetary Fund
Page : 33 pages
File Size : 40,5 Mb
Release : 2021-12-17
Category : Business & Economics
ISBN : 9781616355654

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The Spending Challenge of Achieving the SDGs in South Asia: Lessons from India by Mercedes García-Escribano,Ms. Tewodaj Mogues,Mariano Moszoro,Mauricio Soto Pdf

South Asia has experienced significant progress in improving human and physical capital over the past few decades. Within the region, India has become a global economic powerhouse with enormous development potential ahead. To foster human and economic development, India has shown a strong commitment to the Sustainable Development Goals (SDG) Agenda. This paper focuses on the medium-term development challenges that South Asia, and in particular India, faces to ensure substantial progress along the SDGs by 2030. We estimate the additional spending needed in critical areas of human capital (health and education) and physical capital (water and sanitation, electricity, and roads). We document progress on these five sectors for India relative to other South Asian countries and discuss implications for policy and reform.

Designing Central Bank Digital Currencies

Mr.Itai Agur,Mr.Anil Ari,Mr.Giovanni Dell'Ariccia
Designing Central Bank Digital Currencies Book PDF

Author : Mr.Itai Agur,Mr.Anil Ari,Mr.Giovanni Dell'Ariccia
Publisher : International Monetary Fund
Page : 38 pages
File Size : 40,8 Mb
Release : 2019-11-18
Category : Business & Economics
ISBN : 9781513519883

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Designing Central Bank Digital Currencies by Mr.Itai Agur,Mr.Anil Ari,Mr.Giovanni Dell'Ariccia Pdf

We study the optimal design of a central bank digital currency (CBDC) in an environment where agents sort into cash, CBDC and bank deposits according to their preferences over anonymity and security; and where network effects make the convenience of payment instruments dependent on the number of their users. CBDC can be designed with attributes similar to cash or deposits, and can be interest-bearing: a CBDC that closely competes with deposits depresses bank credit and output, while a cash-like CBDC may lead to the disappearance of cash. Then, the optimal CBDC design trades off bank intermediation against the social value of maintaining diverse payment instruments. When network effects matter, an interest-bearing CBDC alleviates the central bank's tradeoff.

Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries

International Monetary Fund. Middle East and Central Asia Dept.
Gulf Cooperation Council Economic Prospects and Policy Challenges for the GCC Countries Book PDF

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
Page : 74 pages
File Size : 42,6 Mb
Release : 2023-12-14
Category : Business & Economics
ISBN : 9798400263279

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Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries by International Monetary Fund. Middle East and Central Asia Dept. Pdf

The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital inflows, and reform implementation. Oil production – which depends on OPEC+ decisions – will be subdued in the near term. Inflation is contained and current account surpluses are high. Fiscal balances remain healthy, supported by fiscal reforms and high oil prices. The primary non-oil deficits are expected to decrease to 24 percent of GDP by 2028, with higher non-oil revenue reflecting sustained fiscal and structural reforms and contained expenditures. High global uncertainty is weighing on the outlook.

Global Trends 2040

National Intelligence Council
Global Trends 2040 Book PDF

Author : National Intelligence Council
Publisher : Cosimo Reports
Page : 158 pages
File Size : 52,9 Mb
Release : 2021-03
Category : Electronic
ISBN : 1646794974

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Global Trends 2040 by National Intelligence Council Pdf

"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.

Safeguards Assessments - 2022 Review of Experience

International Monetary Fund. Finance Dept.
Safeguards Assessments 2022 Review of Experience Book PDF

Author : International Monetary Fund. Finance Dept.
Publisher : International Monetary Fund
Page : 45 pages
File Size : 54,9 Mb
Release : 2022-12-16
Category : Business & Economics
ISBN : 9798400228483

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Safeguards Assessments - 2022 Review of Experience by International Monetary Fund. Finance Dept. Pdf

This paper reviews experience with the safeguards assessment policy since the last review in 2015. The policy is subject to periodic reviews by the Executive Board. The policy’s main objective is to mitigate risks of misuse of Fund resources and misreporting of monetary data under Fund arrangements. Consistent with past reviews, an external panel of experts provided an independent perspective on the implementation of the policy.