AFRITAC South supports strengthening central bank communication

NNA - On May 23-27, 2016, the IMF’s Regional Technical Assistance Center for Southern Africa held a seminar at the Africa Training Institute in Mauritius on Central Bank Communication. The event brought together a mix of policymakers, management, and staff from the central banks of Botswana, Lesotho, Madagascar, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, and Zambia. Experts from central banks with advanced communications shared their knowledge with participants and supervised training in hands-on workshops.
Mr. Stefan Ingves, Governor of Sveriges Riksbank, noted that a large part of his work involves translating complex issues into everyday language. "Speaking so that people understand is an important part of a central bank governor’s work," he stated.

Mr. Vladimir Tomsik, Vice Governor of the Czech National Bank, stressed that communication and transparency have become key elements of monetary policy implementation in the 21st century, providing accountability and boosting the effectiveness of monetary policy actions.

The seminar discussed how communication will differ depending on a central bank’s capacity, its monetary policy framework, and the prevailing domestic environment. Discussions included the role of communications units, the nature of communication in the daily work of a central bank, relevant strategic documents, the tools and channels for communication, and relations with the media.

In a peer sharing environment, participants exchanged experiences of different aspects of communication through presentations, discussions and group work. As the central banks in the region develop, they also become more transparent, which may not necessarily be the same as communicating. The art of communication takes time and experience to fully master. For some central banks, this seminar worked as a first step into communication, while for others, it was a vehicle for further enhancing their communication skills.--IMF