The communication of monetary policy in South America’s central banks.

Over the past two decades, central banks around the world, including in the Latin American region, have made significant efforts to improve monetary policy communication channels. In particular, press releases and information notices on monetary policy decisions and central bank governors’ declarations signal future changes in monetary policy (forward guidance). The main future communication challenges for central banks in the region are: (i) communicating with a diverse public; (ii) improving communication with younger audiences; (iii) developing formal instruments for assessing and designing communication strategies; and (iv) improving communication in a context of rapid technological innovation and digital transformation.