Between January and June, the cedi depreciated by 17.5 percent against our main reserve currency, the US dollar. Gross international reserves declined to about 1.9 months of imports cover by June 2009. The deterioration in theses indices were the results of both global and domestic developments. Dramatic increases in energy prices, combined with high prices of imported foods, contributed to increases in inflation.
Under this definition, central bank digital currency could be a flexible form of central bank money that could differ from traditional reserves along three dimensions: a much broader set of institutions and individuals could access it, some types of balances might not pay interest, and it might entail greater government visibility into end users’ transactions.