According to a survey of 19 central banks in the Middle East and Central Asia (ME & CA) region by the international monetary fund (IMF), central bank digital currencies (CBDCs) may not be essential to achieving the desired policy objectives. The survey also said that CBDCs can promote financial inclusion and reduce the cost of financial services, but the adoption of CBDCs requires careful consideration. However, the survey pointed out that potential constraints and improvements to other digital payment systems may be more practical alternatives to CBDCs. A senior IMF official also said that a global CBDC platform that allows for capital controls could reduce payment costs. Several countries in the Middle East and Central Asia have explored the use of CBDCs, including Saudi Arabia, whose central bank recently joined the Bank for International Settlements (BIS) in a cross-border CBDC international trade trial. IMF Managing Director Kristalina Georgieva has also previously said that CBDCs could replace cash in island economies.