Central banks take on social media – OMFIF GPI 2019 special report
Most followed central banks on Twitter
Global Public Investor 2019: Social media has become a pillar of central banks’ communications strategies. These institutions employ a broad array of tools, from music videos to Twitter polls, to engage with audiences.
The profile of and public interest in central banks have grown significantly over the past few years. They have been described as ‘the only game in town’ and ‘masters of the universe’. Their toolkits have grown to enable them to respond more effectively to financial crises. But increased public attention brings more scrutiny, and calls for greater legitimacy and accountability. Some pundits have suggested curtailing – or even ending altogether – central bank independence.
Trust is central bankers’ most valuable resource. In today’s environment, safeguarding and building trust has become one of the most pressing issues facing central banks. Their communications practices offer one avenue for doing so. This includes use of innovative instruments. As a result, central banks are increasingly using social media to reach the public directly.
Click here to find out how central banks are broadening their messages and methods of communication with the public