Money & Banking

On rate-cut tweets and monetary policy YouTube videos

AJ Vinayak Mangaluru | Updated on January 10, 2018 Published on September 14, 2017

social

Twitter, YouTube gaining currency as communication tools for central banks

Central bankers, it was said, must be seen and not heard.

That era may well have passed with the advent of social media. While the central bankers themselves remain rather circumspect while talking, their official communication channels are creating quite a cyber-buzz.

Most of the central banks across the world are using social media platforms such as Twitter, YouTube and Facebook as a medium of communication along with traditional media. Twitter is the first choice of most.

The RBI, for one, uses Twitter to send press release alerts and YouTube to stream speeches.

The recent RBI annual report said central banks around the world have been traditionally cautious and conservative in communicating their policy matters to the public.

They are opening up gradually and cautiously and increasingly using social media to connect with the public, it added.

The RBI published a study on the use of social media by 24 major central banks. BusinessLine has collated similar data covering 71 central banks around the world.

Multiple platforms

It was found that of the 71 central banks, 69 had Twitter accounts. However, nearly 42 per cent of them are unverified.

Nearly 73 per cent of the 71 central banks have been posting videos on YouTube, and 63 per cent have been posting videos and text on Facebook. Nearly one-fourth have a presence in LinkedIn and on Flickr, while around 12 per cent are present on Instagram.

New Zealand and Malaysia’s central banks are present in Sound Cloud and Pinterest, respectively.

Unique presence

The Central Bank of Latvia, apart from Facebook, YouTube, Flickr and LinkedIn, is also on SlideShare and Draugiem. Draugiem is a Latvian social networking site launched in 2004. Indonesia’s central bank has an account on Flipboard (a news and social media aggregation platform), along with other regular social media platforms.

Published on September 14, 2017
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