“We should work on digital money in international trade”

“Three questions posed by the conditions we are in globally constitute our agenda: Are the increasing inflationary pressures temporary or permanent, what kind of policies the central banks will implement in an environment of regional conflicts and increasing uncertainty,” said Kavcıoğlu, adding that the war, in addition to the pandemic, has caused the current concerns regarding the global economy. adding new ones has increased the uncertainties regarding the economic outlook. Kavcıoğlu also underlined that the negative effects of these shocks differ between countries in terms of timing and severity.

Central Bank Governor Kavcıoğlu said, “In this challenging environment, we, as Organization of Islamic Cooperation (OIC) member countries, need to strengthen our efforts to increase the resilience of our economies. We have a rich community of different economies under the OIC roof. We can turn this diversity between our countries into an opportunity by establishing closer cooperation within the OIC. Building a more integrated financial system between our countries will allow for more efficient capital allocation in line with the win-win principle.

In his speech, Kavcıoğlu’s statements regarding the use of central bank digital currencies, which have been on the global agenda for a long time, were remarkable: “Encouraging the use of national currencies in international trade and working on the possibilities of using central bank digital currencies are two important issues to be considered in this regard. ”.