Introduction
As digital currencies continue to grow in popularity, central banks around the world are exploring the possibility of issuing their own digital currencies. Known as central bank digital currencies (CBDCs), these digital currencies have the potential to revolutionize the financial system and bring numerous benefits to consumers and businesses alike. However, they also pose significant challenges and risks, particularly in terms of their impact on monetary policy, financial stability, and systemic risk.
To help policymakers, central bank officials, and financial sector professionals better understand the potential macroeconomic implications of CBDCs, this training program provides a comprehensive overview of the topic. Through lectures, case studies, simulations, and discussions, participants will gain a deep understanding of the benefits, drawbacks, and risks associated with CBDCs and their impact on the broader economy.
Objectives
The objectives of this training program are as follows:
- To provide participants with a solid understanding of digital currencies, their evolution, and the potential benefits and drawbacks of their adoption.
- To introduce participants to the concept of central bank digital currencies (CBDCs), their types, and their potential impact on the economy.
- To examine the potential implications of CBDCs on monetary policy, including their effects on interest rates, inflation, and exchange rates.
- To analyze the potential impact of CBDCs on financial stability, including their impact on the banking system, financial intermediation, credit creation, and the transmission of monetary policy.
- To explore the potential risks and challenges associated with CBDCs, including their impact on systemic risk, payment systems, demand for cash, and international monetary system.
- To examine the potential impact of CBDCs on the future of digital currencies, including their potential impact on financial inclusion, privacy, data security, and financial innovation.
- To provide participants with the necessary tools and knowledge to evaluate the potential impact of CBDCs on their respective economies, and to develop effective policies and strategies for their implementation.
Methodology
- Lectures by expert trainers
- Group discussions and case studies
- Q&A sessions
- Hands-on exercises and simulations
Target audience
- Central bank officials
- Government policymakers
- Financial sector regulators
- Researchers and academics
- Private sector professionals with an interest in digital currencies and macroeconomic implications
Course Outlines
Introduction to CBDCs and Digital Currencies
- Overview of digital currencies: Definition, types, and potential benefits and drawbacks
- The evolution of digital currencies and their current state
- Introduction to CBDCs: definition, types, and potential benefits and drawbacks
- The role of central banks in issuing and regulating CBDCs
- The global regulatory landscape for digital currencies
CBDCs and Monetary Policy
- Theoretical framework of monetary policy and its effectiveness in controlling inflation and supporting economic growth
- CBDCs and monetary policy: Implications for interest rates, inflation, and exchange rates
- The potential effects of CBDCs on the conduct of monetary policy and the central bank's balance sheet
- CBDCs and international monetary policy coordination
CBDCs and Financial Stability
- The potential impact of CBDCs on the banking system: Will they complement or substitute for traditional bank deposits?
- The potential impact of CBDCs on financial intermediation, credit creation, and the money multiplier
- The potential impact of CBDCs on bank funding and liquidity risk
- The potential impact of CBDCs on the transmission of monetary policy and financial stability
- Case studies of countries that have studied the potential impact of CBDCs on financial stability
CBDCs and Systemic Risk
- The potential impact of CBDCs on the payment system: Will they enhance or undermine its safety and efficiency?
- The potential impact of CBDCs on the demand for cash and other forms of money
- The potential impact of CBDCs on the risk of bank runs, contagion, and financial crises
- The potential impact of CBDCs on the international monetary system
- Case studies of countries that have studied the potential impact of CBDCs on systemic risk
CBDCs and the Future of Digital Currencies
- The future of digital currencies: Opportunities, challenges, and risks
- The potential impact of CBDCs on financial inclusion, privacy, and data security
- The potential impact of CBDCs on cross-border payments and remittances
- The potential impact of CBDCs on financial innovation and technological progress
- The potential implications of CBDCs for the financial sector, government, and society
About Cairo
Cairo is a mesmerizing assortment of iconic monuments, bustling markets, and ancient sites encircled by a vast and sprawling metropolis. At its core lies a maze-like medieval quarter. A world away from the modern side of the city, it boasts a seductive blend of intricate mosques, jostling crowds, madrasas, and traditional hammams. No visit could be complete without visiting the awe-inspiring Giza Pyramids that preside over the city's horizon. Whether you come to delve into the city's ancient past, dive into colorful souqs, sip mint tea and contemplate thousands of years of history or explore the city's cosmopolitan side, you'll be left with memories to last a lifetime.
Things to do and places to visit in Cairo
The multi-layered capital of Egypt offers its visitors lively markets, authentic restaurants, and a multitude of ancient sights and archeological findings. Gaze in wonder at the Pyramids, take an awe-inspiring look at Tutankhamen's burial mask, shop for handmade souvenirs in the bazaars or hop on a sunset cruise down the Nile and embrace the sensory overload that is Cairo.
Take a vacation in Cairo and you can:
- Visit the Great Sphinx of Giza, one of Ancient Egypt's great mysteries.
- Explore the ramparts of the Salah El-Din Citadel.
- Join locals drinking coffee at Fishawi Café, one of Cairo's first cafes and most important meeting spots.
- Marvel at the seemingly endless historical artifacts on display at the Egyptian Museum.
- Learn about the Ummayad, Ottoman, and Ayyubbid dynasties and more at the Museum of Islamic Art.
- Haggle for souvenirs and gifts at the Khan el-Khalili souk.
- See one of the world's oldest universities at the Al-Azhar Mosque, one of the city's original mosques.
- Take a tour of the showstopping Giza pyramids.
- Savor local cuisine such as mezze in the old city.
- Wander through the labyrinth-like streets of Coptic Cairo, the city's ancient quarter, and spot Roman relics.