2022-12-14-IMF-IMF-中美洲_巴拿马和多米尼加共和国的数字货币和汇款成本（英）_29页_3mb

Digital Money and Remittances Costs in Central America

Key Findings

• Remittance fees are generally declining across countries, but remain higher in Central America, Panama, and the Dominican Republic (CAPDR) compared to other regions, particularly for digital transactions.
• Declining fees are associated with increased competition, financial development factors such as debit/credit card ownership and bank branch penetration in receiving countries, and greater digital infrastructure.
• Structural barriers in CAPDR, including high cash usage, low financial inclusion, and weak regulatory frameworks (e.g., KYC regulations), limit digital remittance adoption.
• Digital money and fintech solutions offer significant potential to reduce cross-border payment costs, but further digitalization is needed.
• Survey results indicate that CAPDR authorities are actively exploring central bank digital currencies (CBDCs) and other digital tools to lower remittance fees, expedite financial inclusion, and improve payment systems, though concerns about monetary sovereignty and financial stability risks are prominent.

Summary Overview

This paper examines how digitalization affects remittance costs in CAPDR, finding that while fees are falling due to factors like competition and development, CAPDR lags behind. Digital remittances could reduce costs further, aided by greater adoption of technologies like CBDCs, but require addressing structural issues and balancing risks.