Yahoo Finance Watch: Bank of Jamaica uses reggae to talk inflation
How do you explain inflation?
There could be lots of different routes you could take to explain it, and the Bank of Jamaica is marching to the beat of its own drum.
Central banks play a key role in a nation’s economy and in stabilising the financial system. The Reserve Bank of Australia sets the official interest rate every month, which affects people’s home loans, savings, stocks, businesses, and even travel plans.
But it doesn’t mean that there’s a widespread understanding of what the RBA does.
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The issue of communication with the public is one that is evidently at the forefront of Jamaica’s mind.
In a bid to generate greater awareness of the country's new monetary policy of “low and stable” inflation, the RBA’s Jamaican counterpart has turned to reggae music to get the message across:
Low and stable inflation is to the heartbeat of the economy! #BOJspeaks #InflationTargeting pic.twitter.com/6g9t2FovH7
— Bank of Jamaica (@CentralBankJA) January 9, 2019
“High inflation is a wicked thing / and we must abolish it like slavery.
“And we want inflation low so we can plan and prosper.
“But if it drop too low, we cannot grow.”
“All the high prices that mean me harm / They can go back to where they came from.”
How does the RBA communicate with the public?
The RBA articulates its views in a number of ways, such as their monthly statements about their cash rate decision, as well as maintaining an active presence on Facebook, Twitter, Youtube, and LinkedIn.
The RBA has released a snapshot of Key Economic Indicators - https://t.co/rn3pVavN3m pic.twitter.com/qUUDR2fVKb
— RBA (@RBAInfo) August 7, 2019
But whether they’ll take a leaf out of Jamaica’s book is yet to be determined.
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