Ms. Inutu Lukonga is a senior economist in the Payments, Currencies, and Infrastructure (PI) division of the Monetary and Capital Markets (MCM) department at the International Monetary Fund (IMF). She has 42 years operational experience as a Central Banker, Macro-economist, and Financial Sector Expert. She joined the IMF in 1993 after her tenure as Deputy Director of Research at the Central Bank of Zambia where she began her career as a graduate economics in 1981. At the IMF, she has worked as a Macro-Economist and as a Financial Sector Expert, including leading FSAP and TA missions including in Payment Systems, Monetary and Foreign Exchange Operations, Bank Resolution, Deposit Insurance, Crisis Management and Banking Supervision. She worked at the UK/FSA as a regulator for Banks, Securities Firms, and Pension Funds. Her research studies cover a broad range of areas, including Debt Restructuring, International Trade Policy, Financial Stability, Banking Supervision, Islamic Finance, Fintech, and Central Bank Digital Currencies (CBDCs). During her tenure at the Fund, Ms. Lukonga has undertaken mission assignments to more than 30 countries in Europe, Asia Pacific, Africa, Caribbean Countries and Middle East and Central Asia.

Ms. Lukonga holds a BA Degree in Economics from the University of Zambia, a Master of Arts degree in International Economics from University of Sussex in the UK and was a PHD candidate in Development Economics also at the University of Sussex.

The International Monetary Fund (IMF) is a global financial institution, whose mandate is to promote global monetary cooperation, financial stability, international trade, high employment and sustainable economic growth, as well as reduce poverty around the world.

Central bank digital currencies (CBDCs) promise many benefits but, if not well designed, they could have undesired consequences, including for monetary policy. This session will discuss: (i) 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; (ii) The channels through which CBDC affect monetary policy implementation and transmission and the nature and relative strength of the impact, (iii) the policy and structural factors that could amplify or mitigate the impact; and (iv) strategies to minimize unintended consequences of CBDCs on monetary policy.