I was perusing some recent IMF reports and came across some central bank digital currency (CBDC) developments that I missed…
Haitian central bank puts CBDC work on the back burner (IMF)
[December 10, 2024] The Bank of the Republic of Haiti (BRH) conveyed to IMF staff, in the context of its 2024 Article IV consultation, that it does not plan to immediately implement CBDC. However, it stressed the importance of having put a placeholder in the central bank framework, in anticipation of future implementation. IMF staff argued that devoting time and resources to considering a digital money is premature at this stage, given other pending priorities and indicated that if the BRH decides to proceed it should consider all aspects of the project’s desirability and feasibility, including a robust evaluation of costs and risks, before proceeding. [Read more at the IMF]
BEAC requests IMF CBDC technical assistance (IMF)
[March 11, 2025] Banque des États de l’Afrique Centrale (BEAC) has requested IMF technical assistance to explore the feasibility of introducing a CBDC. BEAC serves six central African countries which form the Economic and Monetary Community of Central Africa (Cameroon, Central African Republic, Chad, Equatorial Guinea, Gabon, and the Republic of the Congo) all of whom use the CFA franc which is pegged to the euro (€1 = CFA 655.957). The BEAC has set up a CBDC working group that will coordinate with the other subregional institutions with the aim of developing a coherent and appropriate regulatory framework to monitor and manage the new risks associated with the emergence of digital payment methods. [Read more at the IMF]
And just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at john@kiffmeister.com.
