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Central Banking
BSP says its website’s mobile-friendly design and chatbot has boosted effectiveness of communication
The BSP website team with governor Benjamin Diokno (centre, with black tie), January 2020
Photo: BSP
Websites are an important channel through which central banks communicate and engage with members of the general public and other external stakeholders. However, in a number of regions, central banks’ websites remain outdated and reliant on legacy templates.
In August 2020, the governor of the Bank of Canada, Tiff Macklem, said central banks needed to spend “more effort speaking and listening” to the citizens they serve. That is precisely what the Central Bank of the Philippines (BSP) has done with its new website.
Central Banking
Reserve manager of the year: Bank Indonesia
The Asian central bank stabilised the rupiah’s fall during the Covid-19 pandemic in large part due to its new macro-factor strategic asset allocation framework
Photo: Christopher Jeffery
Bank Indonesia has not only weathered the Covid-19 crisis, but done so while boosting its foreign exchange reserves to a new record high of $138 billion as of January 2021. The portfolio now represents around 12.5% of GDP, and could finance 10 months of imports – well above the international three-month minimum adequacy standard. While reserves fell in the first quarter of 2020, they remained relatively stable on an annual basis, growing as part of a long-term gradual upward trend.