تأثير العملات الرقمية المركزية على إدارة السياسة النقدية

Abstract

This study, entitled "The Impact of Central Bank Digital Currencies on Monetary Policy Management: A Study of International Experiences", aims to analyze the impact of Central Bank Digital Currencies (CBDCs) on the effectiveness of monetary policy management by examining their implications for monetary variables and central bank functions.The study was based on the following main research question: How can Central Bank Digital Currencies affect monetary policy management? To answer this question, the descriptive-analytical and comparative approaches were adopted through the analysis of recent economic literature, international reports, and selected international experiences in the field of Central Bank Digital Currencies.The study concluded that CBDCs represent a promising tool for enhancing the effectiveness of monetary policy through improving liquidity management, accelerating the transmission of monetary policy decisions, and promoting financial inclusion.The findings also revealed that the successful implementation of CBDCs depends on the availability of advanced digital infrastructure and appropriate legal and regulatory frameworks, while addressing challenges related to cybersecurity, financial stability, and the role of commercial banks.The study recommends benefiting from international experiences and adopting a gradual approach to explore the possibility of issuing a digital Algerian dinar, which would contribute to modernizing the national monetary system and enhancing the effectiveness of monetary policy.