The Bank of Israel suggested that the issuance of a CBDC might also lead to an erosion of the banking system’s net profit. digitalshekel digitalcurrency cbdc
that was published by the BOI’s steering committee. In that paper, the committee examined the bank’s motivations for issuing the CBDC — also known as SHAKED — as well as the ramifications of such a digital currency on financial intermediation.Meanwhile, the BOI statement also discusses some of the key findings from the steering committee’s May 2021 paper. The BOI statement notes:
Transferring a certain volume of money from the public’s deposits to SHAKED would have various effects on the balance sheets of the banking system and of the Bank of Israel. The banking system’s balance sheet would contract due to the decline in the ‘Public’s deposits’ item on the liabilities side and in the ‘Deposits at the Bank of Israel’ on the assets side.
The BOI adds that in the event the banking system attempts to maintain the credit portfolio to the public at levels prior to the CBDC launch, that development would “erode banks’ liquidity ratios to a certain extent.” Besides looking at the potential impact that the CBDC might have on the banking system and the economy, the BOI said it will also “examine other issues that arise as part of the research and preparation toward a potential issuance of a digital shekel in the future.”
The central bank concludes its statement by reiterating that it has not made a decision to issue the digital shekel just yet.
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