2023-10-14 15:11:54
The International Monetary Fund (IMF) is preparing a virtual manual on central bank digital currency (MNBC) which will serve as a collection of experiences, Bo LI, Deputy Managing Director of the IMF, said Thursday in Marrakech. margin of the Annual Meetings of the World Bank (WB) and the IMF.
During a pre-recorded intervention broadcast during a panel held under the theme “Preparing for the future: Lessons learned from central bank digital currencies” as part of the New Economy Forum, Mr. Li explained that this manual will be used capacity development and will be a source of inspiration for countries that want to explore MNBC.
In this sense, he noted the publication, last month, of five new documents on the MNBC which cover practical cases to approach the exploration of this currency, as well as the implications for the transmission of monetary policy, capital management and financial inclusion, reports MAP.
Speaking on this occasion, Adrian Tobias, Financial Advisor and Director of the Monetary and Capital Markets Department of the IMF, explained that through this manual, the Fund is not trying to dictate to central banks what they should do, but to facilitate the decision-making process.
“We have 190 countries and we estimate that at least 100 of them are actively exploring MNBCs,” he said, noting that the establishment of this currency requires technological, operational, governance and legal choices.
These choices, Mr. Tobias argued, will determine the extent to which the MNBC will achieve the specific objectives that the authorities have set.
For his part, Fabio Panetta, member of the board of directors of the European Central Bank (ECB), underlined that the establishment of the MNBC (named “Digital Euro” in the Euro zone) is driven in particular by two main trends observed, namely the preferences and evolution of society.
“We are discussing the conditions under which we could decide to issue a digital euro as a means of payment,” he said.
Furthermore, Addison Ernest, Governor of Bank of Ghana, presented the experience of his country which was one of the first to consider digital currency in Africa.
He recalled that a reflection on the concept of a digital currency has been carried out, since 2019, by Bank of Ghana.
The BM-IMF annual meetings, which return to African soil 50 years later, offer the opportunity for economic and financial decision-makers to take a close look at the advances made and the progress made by Morocco under the enlightened leadership of HM King Mohammed VI in various fields.
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