Central Banks

central banks

Bank of Jordan & CBDCs

Financial Inclusion 

Jordan has a program – National Financial Inclusion Program – aimed at increasing financial inclusion numbers. The target of 50 percent was reached in 2020.

Financial inclusion is a key element of CBDCs considerations. The CBJ also is working on the G2P (government to person) payments which is part of a broader digital payment infrastructure. 

The National Aid Fund (NAF) is shifting physical cash payments to wallets (mobile) which is part of a more general digital framework infrastructure in Jordan. 

JoMoPay now operates in Jordan. The interoperability question between wallets and e-money; and bank accounts is being addressed.

The CBJ has been promoting e-wallets and now 1.2 million in Jordan have them.

Before CBDC can be addressed more in Jordan, some of the core infrastructure for wallets, digitization, and trust in the population will have to be worked out. Trust is a key factor in any currency, and the Jordanian population should feel comfortable with e-wallets and later CBDCs for a CBDC plan to work.


National Bank of Angola and CBDCs

” The recently passed update of the 2005 Payments System Law is expected to impel the development of digital financial services as it will allow for a wide range of digital financial services providers and will equip the Angolan Payments System with modern regulations while offering innovative and inclusive services.” National Bank of Angola

Financial Inclusion

The central bank has recognised the need for digital payments and also recorded the close relationship between income and digital literacy. 

A new digital bank – DuBank – was launched in Angola to further enable digital services in Angola. 

The central bank thinks digital transfers will enable support for the poorest in Angola, for example via Kwenda (a cash program benefiting 16 million families).

64 percent of people in Angola have mobile phone access but this did not translate to them opening mobile wallets. 

Consumers think low income, and poor documentation are the principal barriers to using digital wallets.

The central bank is working to improve these adoption figures. 


Bank of Algeria & CBDCs


The desire to enhance digital services and Fintech is well understood by the Bank of Algeria. 

Pressures from the Covid-19 crisis and changes in global demand have accelerated consumer demand and the bank’s interest in digitization.

Many people in Algeria have mobile devices and Internet access which is a good starting place.

In “Role of Digital Transformation in Increasing Financial Inclusion” – a day for this focus – enabled  the Council of Arab Central Banks and Monetary Authorities’ Governors to promote financial inclusion via digitial services.

One interesting development is the promotion of e-KYC which is important in spreading digital services by performing KYC on consumers.

Cryptocurrencies were made illegal in Algeria.



” There is no doubt that the current developments and the repercussions of the spread of the “Corona emerging” virus, clearly highlighted the great importance of financial inclusion and the need to promote applications of digital financial services, and to educate and educate users of these services.” Bank of Algeria


Bank of Afghanistan & Digitization

“‎A well-functioning payment system can add to financial stability, enhance efficiency of economic activity and intermediation and enable financial inclusion.”


Afghanistan has a low digitization presence for payments with just 11 percent of people making digital payments.

There are significant barriers to digital services in Afaghanistan but only 2 percent of people stated they did not want a bank account. Also for female entrepreneurs some 90 percent said they wanted a bank account.

The need for a better payment system in Afghanistan is recognised by the central bank but the lack of infrastructure combined with lack of skills has made the roll out of digital services only possible to a small number in the population.

Afghanistan has a GDP of 19 billion dollars which places it 113 in the world with GDP per capita is only about 2000 dollars (#168).




Central Banks and Currency Boards

Central Banks

Central banks control monetary policy and also may be lenders too. Associated terms are currency boards and monetary authorities.

Currency boards peg a local currency to a more stable one. Historically the USD has been used by currency boards.

A monetary authority usually will control monetary policy.

The mandate of these organizations is usually price stability and low inflation.

Central banks may be privately owned. For example, the Fed Reserve in the USA is private.

The Bank of Japan has shares and also buys securities. It has reported gains of 141 billion dollars. 



“A central bank is a financial institution that is responsible for overseeing the monetary system and policy of a nation or group of nations, regulating its money supply, and setting interest rates.”


List of Central Banks and Monetary Authorities


Afghanistan Bank of Afghanistan

Albania Bank of Albania

Algeria Bank of Algeria

Angola National Bank of Angola

Argentina Central Bank of Argentina

Armenia Central Bank of Armenia

Aruba Central Bank of Aruba

Australia Reserve Bank of Australia

Austria National Bank of the Republic of Austria

Azerbaijan The Central Bank of the Republic of Azerbaijan



Bahamas Central Bank of The Bahamas

Bahrain Central Bank of Bahrain

Bangladesh Bangladesh Bank

Barbados Central Bank of Barbados

Belarus National Bank of the Republic of Belarus

Belgium National Bank of Belgium

Belize Central Bank of Belize

Benin Central Bank of West African States (BCEAO)

Bermuda Bermuda Monetary Authority

Bhutan Royal Monetary Authority of Bhutan

Bolivia Central Bank of Bolivia

Bosnia and Herzegovina Central Bank of Bosnia and Herzegovina

Botswana Bank of Botswana

Brazil Central Bank of Brazil

Brunei Darussalam Monetary Authority of Brunei Darussalam

Bulgaria Bulgarian National Bank

Burkina Faso Central Bank of West African States (BCEAO)

Burundi Bank of the Republic of Burundi



Cambodia National Bank of Cambodia

Cameroon Bank of Central African States

Canada Bank of Canada

Cape Verde Bank of Cape Verde

Cayman Islands Cayman Islands Monetary Authority

Central African Republic Bank of Central African States

Chad Bank of Central African States

Chile Central Bank of Chile

China The People’s Bank of China

Colombia Central Bank of Colombia

Congo Bank of Central African States

Congo, the Democratic Republic of the Central Bank of Congo

Costa Rica Central Bank of Costa Rica

Croatia Croatian National Bank

Cuba Central Bank of Cuba

Curaçao Central Bank of Curaçao and Sint Maarten

Cyprus Central Bank of Cyprus

Czech Republic Czech National Bank



Denmark Danmarks Nationalbank

Dominican Republic Central Bank of the Dominican Republic



Ecuador Central Bank of Ecuador

Egypt Central Bank of Egypt

El Salvador Central Reserve Bank of El Salvador

Equatorial Guinea Bank of Central African States

Estonia Bank of Estonia

Eswatini The Central Bank of Eswatini

Ethiopia National Bank of Ethiopia

Euro area European Central Bank



Fiji Reserve Bank of Fiji

Finland Bank of Finland

France Bank of France



Gabon Bank of Central African States

Gambia, The Central Bank of The Gambia

Georgia National Bank of Georgia

Germany Deutsche Bundesbank

Ghana Bank of Ghana

Greece Bank of Greece

Guatemala Bank of Guatemala

Guinea Central Bank of the Republic of Guinea

Guinea-Bissau Central Bank of West African States (BCEAO)

Guyana Bank of Guyana



Haiti Bank of the Republic of Haiti

Honduras Central Bank of Honduras

Hong Kong SAR Hong Kong Monetary Authority

Hungary Magyar Nemzeti Bank



Iceland Central Bank of Iceland

India Reserve Bank of India

Indonesia Bank Indonesia

Iran, Islamic Republic of The Central Bank of the Islamic Republic of Iran

Iraq Central Bank of Iraq

Ireland Central Bank of Ireland

Israel Bank of Israel

Italy Bank of Italy

Ivory Coast Central Bank of West African States (BCEAO)



Jamaica Bank of Jamaica

Japan Bank of Japan

Jordan Central Bank of Jordan



Kazakhstan National Bank of Kazakhstan

Kenya Central Bank of Kenya

Korea, Republic of Bank of Korea

Kosovo Central Bank of the Republic of Kosovo

Kuwait Central Bank of Kuwait

Kyrgyzstan National Bank of the Kyrgyz Republic



Lao People’s Democratic Republic Bank of the Lao PDR

Latvia Bank of Latvia

Lebanon Central Bank of Lebanon

Lesotho Central Bank of Lesotho

Liberia Central Bank of Liberia

Libya, State of Central Bank of Libya

Lithuania Bank of Lithuania

Luxembourg Central Bank of Luxembourg



Macao SAR Monetary Authority of Macao

Madagascar Banky Foiben’i Madagasikara

Malawi Reserve Bank of Malawi

Malaysia Central Bank of Malaysia

Maldives Maldives Monetary Authority

Mali Central Bank of West African States (BCEAO)

Malta Central Bank of Malta

Mauritius Bank of Mauritius

Mexico Bank of Mexico

Moldova, Republic of National Bank of Moldova

Mongolia Bank of Mongolia

Montenegro Central Bank of Montenegro

Morocco Bank Al-Maghrib (Central Bank of Morocco)

Mozambique Bank of Mozambique

Myanmar Central Bank of Myanmar



Namibia Bank of Namibia

Nepal Central Bank of Nepal (Nepal Rastra Bank)

Netherlands Netherlands Bank

New Zealand Reserve Bank of New Zealand

Nicaragua Central Bank of Nicaragua

Niger Central Bank of West African States (BCEAO)

Nigeria Central Bank of Nigeria

North Macedonia, Republic of National Bank of the Republic of North Macedonia

Norway Central Bank of Norway



Oman Central Bank of Oman

Organization of Eastern Caribbean States (OECS) Eastern Caribbean Central Bank



Pakistan State Bank of Pakistan

Palestine Palestine Monetary Authority

Panama National Bank of Panama (Banco Nacional de Panamá)

Papua New Guinea Bank of Papua New Guinea

Paraguay Central Bank of Paraguay

Peru Central Reserve Bank of Peru

Philippines Central Bank of the Philippines (Bangko Sentral ng Pilipinas)

Poland Narodowy Bank Polski

Portugal Banco de Portugal



Qatar Qatar Central Bank



Romania National Bank of Romania

Russian Federation Central Bank of the Russian Federation

Rwanda National Bank of Rwanda



Samoa Central Bank of Samoa

San Marino Central Bank of the Republic of San Marino

Saudi Arabia Saudi Central Bank

Senegal Central Bank of West African States (BCEAO)

Serbia National Bank of Serbia

Seychelles Central Bank of Seychelles

Sierra Leone Bank of Sierra Leone

Singapore Monetary Authority of Singapore

Slovakia National Bank of Slovakia

Slovenia Bank of Slovenia

Solomon Islands Central Bank of Solomon Islands

South Africa South African Reserve Bank

Spain Bank of Spain

Sri Lanka Central Bank of Sri Lanka

Sudan Bank of Sudan

Suriname Central Bank of Suriname

Sweden Sveriges Riksbank

Switzerland Swiss National Bank

Syrian Arab Republic Central Bank of Syria



Tajikistan National Bank of the Republic of Tajikistan

Tanzania, United Republic of Bank of Tanzania

Thailand Bank of Thailand

Togo Central Bank of West African States (BCEAO)

Tonga National Reserve Bank of Tonga

Trinidad and Tobago Central Bank of Trinidad and Tobago

Tunisia Central Bank of Tunisia

Turkey Central Bank of the Republic of Turkey

Turkmenistan Central Bank of Turkmenistan



Uganda Bank of Uganda

Ukraine National Bank of Ukraine

United Arab Emirates Central Bank of the United Arab Emirates

United Kingdom Bank of England

United States Federal Reserve Bank of Atlanta

  Federal Reserve Bank of Boston

  Federal Reserve Bank of Chicago

  Federal Reserve Bank of Cleveland

  Federal Reserve Bank of Dallas

  Federal Reserve Bank of Kansas City

  Federal Reserve Bank of Minneapolis

  Federal Reserve Bank of New York

  Federal Reserve Bank of Philadelphia

  Federal Reserve Bank of Richmond

  Federal Reserve Bank of San Francisco

  Federal Reserve Bank of St Louis

  Board of Governors of the Federal Reserve System

Uruguay Central Bank of Uruguay

Uzbekistan Central Bank of the Republic of Uzbekistan



Vanuatu Reserve Bank of Vanuatu

Venezuela Central Bank of Venezuela

Vietnam State Bank of Vietnam



Yemen Central Bank of Yemen



Zambia Bank of Zambia

Zimbabwe Reserve Bank of Zimbabwe


PayNow and PromptPay (MAS with BoT)

The Monetary Authority of Singapore and the Bank of Thailand have partnered up to deliver the PayNow and PromptPay solution allowing cross border transfers on an almoist instant basis up to 1000 Singapore dollars or 25,000 THB.

Fees are reduced by 50% using this new system, and transfers take 1-2 minutes (which used to take several days).

This project was a forerunner to a wider interest in CBDCs and the roles of the MAS and BoT in CBDCs. MAS has the project Ubin and the BoT, Inthanon (interbank).

Mr Ravi Menon, Managing Director of MAS, said, “The PayNow-PromptPay linkage is a pioneering effort. It shows that existing payments infrastructure and the banking system have the potential to provide seamless cross-border payment options to retail customers. The PayNow-PromptPay linkage is only the beginning. MAS’ shared objective with BOT is to work with our ASEAN counterparts to expand this bilateral linkage into a network of linked retail payment systems across ASEAN. With the rise of the digital economy, we want to empower individuals and businesses in the region with simple, swift and secure cross-border payments through just a few clicks on their mobile phones.”

BoE and New Forms of Money


The purpose of this Discussion Paper is to broaden the debate around new forms of digital money and to solicit views on the Bank’s emerging thoughts from a wide range of stakeholders. Throughout, new forms of digital money are assumed to be stable in value with a retail focus.

New Forms of Money

Public Confidence

The BoE has fielded a discussion document about the new forms of money which describes two forms of money – 

  1. Central Bank Reserves
  2. Commercial Bank Deposits

The purpose of the discussion paper is to address the emerging digital payments market which uses emerging stablecoins, and could use CBDCs.

New forms of money could be far cheaper to create, and enable much quicker growth.


A possible downside is the commercial banks could have less involvement in the economic and this could affect lending.

Another possible downside which follows is the BoE’s ability to impact the economy by adjusting interest rates.

Stablecoins have driven much of the emerging sector and the Treasury now advises the BoE should enforce the Banking Act 2009 against stablecoins.

What is not clear at all from the BoE paper is how that would be done. Most stablecoins are maintained outside of the UK, and the BoE would have no authority over such providers.

Additional to that, it is clear from numerous events and other autorities – outside the UK – do not agree with the UK’s intrepretation of standards and law (eg in the SEC case against Ripple – Ripple executives went to lengths to explain the UK support their position , contrary to the SEC’s take on the law).

This seems to be a fundamental point which is not addressed at all by the Document.

BoE Paper