Monetary policy communication in South American central banks.

Over the past two decades, central banks around the world have been making significant efforts to improve their communication strategies, and the region’s central banks have been no exception to this trend. Against this backdrop of improvement, the main channels for communicating monetary policy in the region are press releases or information notes related to monetary policy decisions and statements by the central bank governor. In most of these cases, forward guidance is provided regarding future changes in monetary policy. The main future challenges in terms of communication for the region’s central banks are: (i) how to communicate with different audiences; (ii) improving communication with young people; (iii) establishing formal tools for evaluating and designing communication strategies; and (iv) improving communication in the context of increased technological innovation and accelerated digital transformation.