The IMF published working paper 'Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems'.
The paper provides a conceptual analysis of the monetary policy implications of issuing unremunerated two-tiered retail CBDCs and w-CBDCs, both in jurisdictions with conventional banking systems and those governed by Sharia’h rules.
The paper discusses the mechanism through which CBDCs would affect monetary policy implementation and transmission, the nature and relative strength of the impact, and the policy and structural factors that could amplify or mitigate the impact.