According to CoinDesk, the International Monetary Fund (IMF) survey results for the Middle East and Central Asia show that although central bank digital currencies (CBDCs) may not be necessary, they can promote financial inclusion and reduce the cost of financial services. If other obstacles are not addressed, the promotion of CBDCs in the Middle East and Central Asia may only bring marginal benefits. The survey also pointed out that although CBDCs can promote financial inclusion and reduce the cost of financial services, the adoption of CBDCs requires careful consideration. The IMF is already studying the development of CBDCs and guiding member countries on how and whether to integrate them into their respective monetary systems.
The survey also mentioned that improving other digital payment systems may be a more practical alternative to CBDC. A senior IMF official also said that "a global CBDC platform will allow capital controls and can reduce payment costs." Several countries in the Middle East and Central Asia have explored the use of CBDC, including Saudi Arabia, whose central bank recently participated in a cross-border CBDC experiment with the Bank for International Settlements (BIS).
The IMF warned that since about 83% of the funds of banks in the region come from deposits, CBDCs may compete with bank deposits, which may have an impact on bank profits and loans, thereby affecting the country's financial stability. The survey pointed out that 19 central banks in the region are exploring the issuance of CBDCs, mainly focusing on how CBDCs can improve financial inclusion and payment system efficiency.
