SINGAPORE: With growing innovation in the financial sector and a move toward a cash-less society, there is a role for central banks to enter the world of digital currencies, IMF chief Christine Lagarde said Wednesday.
Unlike private currencies like bitcoin and ethereum, money created by central banks would be regulated and trustworthy, and could reach all sectors of society, Lagarde said in a speech prepared for the Singapore Fintech Festival.
“The key is to harness the benefits while managing the risks,” Lagarde said. “Proper regulation of these entities will remain a pillar of trust.”
However, while central banks in several countries are considering e-money, questions remain about whether it makes sense for every country.
There “may be a role for the state to supply money to the digital economy,” and she noted that Canada, China, Sweden and Uruguay were “seriously considering” issuing digital currency.
An official e-money would have the advantage of fulfilling policy goals including financial inclusion, security and consumer protection.
“My message is that while the case for digital currency is not universal, we should investigate it further, seriously, carefully and creatively,” she said.
The IMF issued a report on Wednesday examining the issues central banks would face if they decided to issue electronic money.
IMF’s Lagarde sees case for central bank digital currency
IMF’s Lagarde sees case for central bank digital currency
- ‘The key is to harness the benefits while managing the risks’
- There ‘may be a role for the state to supply money to the digital economy’
Saudi Arabia offers 11 mining sites in Eastern Province to boost investment
JEDDAH: Saudi Arabia has opened 11 mining sites at the Eastern Province’s Al-Summan Crushers Complex for competitive bidding, boosting investment, governance, and local community development.
The sites are designated for the extraction of aggregates and crusher materials, covering 9 sq. km, according to a statement by the Ministry of Industry and Mineral Resources.
The initiative forms part of the Kingdom’s drive to establish mining as the third pillar of its industrial economy, alongside oil and petrochemicals, leveraging mineral wealth now estimated at SR9.37 trillion ($2.5 trillion), a 90 percent increase from 2016 estimates of SR5 trillion.
The increase follows comprehensive surveys of the Arabian Shield, which revealed new deposits beyond traditional mineralized belts.
Jarrah bin Mohammed Al-Jarrah, the ministry’s official spokesperson, said applications for the mining sites will be accepted from Feb. 15 to March 5, via the Ta’adeen digital platform, which handles registration, qualification, bidding and the announcement of winning companies.
“The Ministry aims to allocate mining complexes to encourage investment in the mining sector, strengthen governance, protect sites from illegal exploitation, and support development in neighboring areas,” the statement said.
Saudi Arabia’s mining sector has demonstrated sustained growth, with the number of mining licenses rising from 1,985 in 2016 to 2,401 by the end of 2024, representing cumulative growth of 21 percent, according to the 2024 Mineral Wealth Statistics from the General Authority for Statistics.
Building material quarries accounted for the largest share of permits, rising from 1,267 in 2021 to 1,481 by 2024.
Exploration licenses also showed consistent growth, supporting the Kingdom’s broader strategy to develop its mineral resources and strengthen the mining sector as a key pillar of its industrial economy.
Reforms in the sector have attracted $32 billion in investments for projects in iron, phosphate, aluminum, and copper.
Recent surveys and discoveries, including rare earth elements, lithium, cobalt, and copper, as well as zinc and gold, highlight the Kingdom’s potential to expand into strategic industries such as electric vehicles, advanced technologies, and renewable energy.
Strategic investments and international partnerships, including projects like the Jabal Sayid rare earths site and collaborations with companies such as MP Materials, position Saudi Arabia as a global hub for critical minerals and reinforce the Kingdom’s Vision 2030 industrial ambitions.
