CEU Electronic Theses and Dissertations, 2023
| Author | Rashid, Ali Asad |
|---|---|
| Title | Examining the Implications of the IMF Remittance Reporting Framework and Guidelines for Central Bank Digital Currencies: A Case Study of the eNaira Implementation in Nigeria |
| Summary | Many scholars have studied the links between remittances and development, economic growth, and poverty alleviation. In parallel, there should be more research on improving the remittance data, which makes the building blocks for most economic research on remittances. Remittance data is reported by central banks’ balance of payments compilers based on the IMF BMP6 and RCG remittance framework, which were released in 2009. Since then, significant innovations in financial technology have improved the remittance value chain. Central Bank Digital Currency (CBDC) is one of the latest innovations many countries are experimenting with as they can potentially change the payments and remittances sector. Nigeria is the first country in Africa to introduce the eNaira CBDC, a digital Naira that Nigerians can use as a means of payment similar to cash. In theory, eNaira and CBDCs can significantly reduce cross-border remittance costs, and transaction times, promoting the formalization of remittances and improving remittance data. This thesis aims to present then the intersection of CBDCs and remittance data through a case study of the eNaira implementation in Nigeria within the current IMF BPM6 and RCG remittance reporting framework to understand the shortcomings of the current definitions, concepts, and data reporting methods for remittances. The thesis suggests modifying the concepts, definitions, and data sources in the IMF framework for remittance reporting. These changes aim to enhance the quality of remittance data, particularly in relation to the adoption of eNaira and CBDCs by countries globally, as the current framework provided by the IMF BPM6 and RCG impose limitations on countries' ability to report remittance data effectively. |
| Supervisor | Horvath, Julius |
| Department | Economics MA |
| Full text | https://www.etd.ceu.edu/2023/rashid_ali-asad.pdf |
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