IMF Seminar: CBDCs for Financial Inclusion: Risks and Rewards

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DATE: October 14, 2022

DAY: Friday

4:00 PM - 5:00 PM

LOCATION: IMF HQ1 Atrium (HQ1-1-700)

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Central bank digital currencies (CBDC), if appropriately designed, can help improve financial inclusion. Effective implementation needs a proportionate, risk-based approach and the support of complementary policies. The session will share knowledge and lessons learned thus far. The seminar will feature opening remarks by a high-level UN representative.

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IMF Seminar: CBDCs for Financial Inclusion: Risks and Rewards


Opening Remarks: Her Majesty Queen Máxima of the Netherlands

Her Majesty Queen Máxima of the Netherlands has served as the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA) since 2009. As Special Advocate, she is a leading global voice on advancing universal access to and responsible usage of affordable, effective, and safe financial services for positive outcomes. The UNSGSA raises awareness, serves as a convener, encourages leaders, and supports actions to expand financial inclusion at a global and country level, all in close collaboration with partners from the public and private sector.

Opening Remarks: Kristalina Georgieva

Kristalina Georgieva is the Managing Director of the International Monetary Fund (IMF). She is the first person from an emerging market economy to lead the IMF since its inception in 1944. Before joining the Fund, Ms. Georgieva was Chief Executive Officer of the World Bank and also served as Interim President for a time. Previously, she served at the European Commission as Vice President for Budget and Human Resources – and as Commissioner for International Cooperation, Humanitarian Aid and Crisis Response. She was named “European of the Year” and “Commissioner of the Year” by European Voice for her leadership in the European Union’s humanitarian response to crises.

Moderator: Kathleen Hays

Kathleen Hays is Global Economics and Policy Editor for Bloomberg Television and Radio, covering economies and central banks around the world. Hays can be seen and heard on “Bloomberg Daybreak Asia” and “Bloomberg Asia Markets,” and on Bloomberg Radio’s “Bloomberg Markets P.M.” Recognized as one of the top economics reporters and anchors in the country, Hays has covered the U.S. economy and the Federal Reserve for more than 30 years, and has broadened her coverage to include the economies and central banks of Asia in recent years. Hays joined Bloomberg in 2006 after years as an on-air and online economics correspondent at CNBC and CNN, where she served as a host, correspondent and commentator for numerous programs. She began her career as the New York bureau chief at Markets News International. From there, she joined Reuters, and later worked as an economics correspondent and New York bureau chief for Investor’s Business Daily. Hays earned both a bachelor’s degree and a master’s degree in economics from Stanford University.

Panelist: Bo Li

Bo Li assumed the role of Deputy Managing Director at the IMF on August 23, 2021. He is responsible for the IMF’s work on about 90 countries as well as on a wide range of policy issues.

Before joining the IMF, Mr. Li worked for many years at the People’s Bank of China, most recently as Deputy Governor. He earlier headed the Monetary Policy, Monetary Policy II, and Legal and Regulation Departments, where he played an important role in the reform of state-owned banks, the drafting of China’s anti-money-laundering law, the internationalization of the renminbi, and the establishment of China’s macroprudential policy framework.

Panelist: Cecilia Skingsley

Cecilia Skingsley became Head of the BIS Innovation Hub in September 2022. She is a member of the BIS's Executive Committee. Previously, she held the position of First Deputy Governor of the Riksbank since November 2019. Most recently she chaired the BIS's Committee on Payments and Market Infrastructures Future of Payments Working Group, was the Governor of the Riksbank’s alternate on the General Council of the ECB and member of the Advisory Technical Committee (ATC) of the European Systemic Risk Board (ESRB). Prior to holding the position of Deputy Governor of the Riksbank from May 2013 to November 2019, Ms. Skingsley held various roles including Head of FX and Fixed Income Research and Chief Economist at Swedbank (2007-2013); financial journalist and Head of Financial Market Section at Dagens Industri (2000-2007); and Macro Analyst, ABN Amro Bank (1998-2000). Ms. Skingsley holds a degree in economics and political science from Stockholm University. She received a financial analyst degree from SSE Executive Education at Stockholm School of Economics (formerly IFL at Stockholm School of Economics) and studied journalism at Poppius School of Journalism in Stockholm.

Panelist: Vera Songwe

Vera Songwe is Co-chair of the High-Level Panel on Climate Finance and Chair of the Liquidity and Sustainability Facility. She was previously Under-Secretary-General at the United Nations and Executive Secretary of the United Nations Economic Commission for Africa. She is a nonresident senior fellow at the Brookings Institution. Songwe was recognized as one of Africa’s 100 most influential people in 2020. She recently co-authored a book entitled Regional Integration in West Africa: Is There a Role for a Single Currency? with Eswar Prasad. Dr. Songwe has spent the last three years championing the cause for additional liquidity for emerging markets and the need for a new global financial architecture fit for the 21st century development challenges.

Dr. Songwe has held a number of senior positions at the World Bank, and the International Finance Corporation. Her main areas of interest are fiscal and monetary policy, innovative financing mechanisms for development, agriculture, energy, and economic governance. She has extensive experience working in the Africa, East Asia, Europe and Central Asia and South Asia regions.

Prior to joining the Bank, Dr. Songwe was a Visiting Scholar at the University of Southern California and at the Federal Reserve Bank of Minneapolis. Dr. Songwe holds a PhD. in Mathematical Economics from the Center for Operations Research & Econometrics from the Catholic University of Louvain-la-Neuve in Belgium. She holds a BA in Economics and a BA in Political Science from the University of Michigan, Ann Arbor.

Panelist: Perry Warjiyo

Perry Warjiyo

Perry Warjiyo was born in Sukoharjo in 1959. After completing his education in the Faculty of Economy, Gajah Mada University (UGM), in Yogyakarta in 1982, Perry continued his education in Iowa State University and successfully gained his Master’s degree in 1989 and Ph.D. in 1991.

Before serving as the Governor of Bank Indonesia, Perry was the Deputy Governor of Bank Indonesia from 2013-2018. Perry also served as the Assistant Governor for monetary, macroprudential, and international policies. He held the position after he served as the Executive Director of Bank Indonesia’s Department of Economic Research and Monetary Policy. Before returning to Bank Indonesia in 2009, Perry Warjiyo held an important position for two years as the Executive Director of the International Monetary Fund (IMF), representing 13 member countries in the South-East Asia Voting Group from 2007-2009. Perry has a long and brilliant career in Bank Indonesia since 1984, primarily in economic research and monetary policy, international issues, organizational transformation and monetary policy strategies, education and research on central banks, management of foreign reserves and external debts, and the Governor Bureau.

Perry’s passion for science makes him love to write and he issued several books, journals, and papers on economy, monetary, and international issues.

Perry Warjiyo officially serves as the Governor of Bank Indonesia under Decision of the President of RI Number 70/P of 2018 dated 16 April 2018, and took his oath of office on 24 May 2018.