Dr. Mariem EL ALAOUI is Head of Group Risk Standards at Bank of Africa – BMCE Group and a researcher in CBDCs and monetary policy. She holds a PhD in Monetary Economics from Mohammed V University of Rabat. Her research explores CBDC design, exchange rate stability and financial inclusion in emerging economies.

Bank of Africa – BMCE Group is a leading pan-African banking group headquartered in Casablanca, Morocco, operating in around 30 countries across Africa, Europe and Asia. The Group provides retail, corporate and investment banking services and supports financial integration and economic development across the continent.

CBDC Design Choices and Exchange Rate Stability

As central banks worldwide explore central bank digital currencies (CBDCs), understanding how CBDC design interacts with exchange rate stability has become an increasingly important policy question. This presentation examines how the key CBDC design parameters (cross-border interoperability, non-resident access, adoption intensity, transaction traceability, and capital flow management capabilities) influence exchange rate outcomes. Drawing on evidence from 28 economies, the findings show that CBDC design choices matter: interoperability tends to reduce exchange rate volatility, whereas unrestricted non-resident access may amplify external pressures. The presentation concludes by discussing implications for implementation sequencing, access calibration, and the evolving role of capital flow management in a CBDC environment.