Benchmarking
Comms teams see dis/misinformation on social media as key risk
Criticism from government ranks as smallest risk
Website upgrades are comms teams’ top priorities for next year
Commitments differ somewhat by departmental structure
Larger comms teams involved earlier in policy decisions
Most departments become involved in duty after decisions are taken
Hybrid teams widely employ social media for two-way communications
Most respondents use strategies to address crises and disinformation
Communications teams use AI mainly for drafting
But use cases vary according to team structures
LinkedIn, Facebook and YouTube are top comms platforms
Over a third of communication teams adopted new platforms in the past year
Central banks universally communicate internally via email
Additional tools used vary somewhat by system efficiency and structure
Social media and press releases are primary external comms channels
Impact assessment tools vary across teams by structural approach
Three in four comms teams report non-staff resource adequacy
Senior staff make up roughly half of departments across jurisdictions
Centralised comms unit staff earn lesser salary than peers
FTE employees average roughly 20 personnel across central banks
Hybrid comms teams prioritise website over other activities
Communications department budget averages just over $1 million yearly
Monetary Policy Benchmarks 2025 – model banks analysis
Data breakdowns shed light on policy risks, transparency and balance sheet tools
Monetary Policy Benchmarks 2025 – executive summary
Data reveals risks to the outlook, applications of scenario analysis and balance sheet policy
Monetary Policy Benchmarks 2025 report – risk-based policy
Benchmarks highlight main risks and how central banks analyse them, as balance sheets normalise
Stress-test transparency: how much is too much?
The transparency drive to disclose bank stress-test results comes with costs
Working group minutes: central banks face balance sheet challenges
Some institutions are struggling to absorb large amounts of excess liquidity
Changing balance sheet composition mostly reflects normalisation
Gold buying and FX interventions drive changes in some jurisdictions
Inflation targeters mainly use corridor systems to set interest rates
But many central banks with exchange rate controls also use corridor systems
Policy impact widely gauged by macro and market indicators
Policy-making frameworks commonly reviewed on ad hoc basis
Quarter of central banks have government reps on MPC
Only one such committee publishes policy-makers’ votes
Half of central banks offer no forward guidance
MPCs that meet at above-average frequency less likely to observe blackout period
MPCs with more frequent meetings tend to be more transparent
Just under three-tenths of central banks publish current level of r-star
Geopolitics and supply shocks top monetary policy risks outlook
Risk factors vary by nominal anchors and geographical regions
Committees of exchange rate targeting central banks meet most often
Inflation targeters have the average highest number of committee members