In Southeast Asia, Monetary Policy Now Comes Via Social Media Livestream

In Southeast Asia, Monetary Policy Now Comes Via Social Media Livestream

As the economic landscape gets more rocky, Southeast Asia’s central bankers are turning to Facebook and YouTube for help in getting their messages across.

The Bank of Thailand was the latest to adopt a live video-streaming of its policy announcement in August, three months after the Philippine central bank did the same. 

Bank Indonesia, which has more Twitter followers than the Federal Reserve, recently stepped up broadcasts of its policy decisions to every month.

Image: Bloomberg
Image: Bloomberg

“Communications are intensified because Governor Perry believes transparency and communication are an integral part of a central bank’s way to strengthen policy credibility,” said Agusman, a spokesman for the central bank who goes by one name.

“The main audience target of live-streaming are market players, banks, academics, economists, who directly need complete information from the central bank,” he said.

“But in practice, live-streaming is also watched by students, young people and netizens who generally want to learn.”

Central bankers are using social media to keep markets calm and to help explain their decision-making more directly to households that are feeling the pinch from currency turmoil and rising prices.

Bank Indonesia youtube channel. Image: Youtube
Bank Indonesia youtube channel. Image: Youtube


Of the five main central banks in the region -- Indonesia, Thailand, Singapore, the Philippines and Malaysia -- only the Bank of Thailand hasn’t tightened policy yet this year.

“The messaging definitely has been more clear, stronger, and they’re following through,” said Priyanka Kishore, head of India and Southeast Asia economics at Oxford Economics Ltd. in Singapore.

“Part of it is education,” for public consumption, while for the market, it’s about “giving out a feeler, and influencing a decision from analysts.”

Malaysia and Singapore have traditionally only published statements for their policy decisions, but the rest of the five Southeast Asian central banks have moved to video-streaming.



Source : Bloomberg

Tags: central bank
Indah Gilang Pusparani

Indah is a researcher at Badan Perencanaan Pembangunan Penelitian dan Pengembangan Daerah Kota Cirebon (Regional Development Planning and Research Agency of Cirebon Municipality). She covers More international relations, tourism, and startups in Southeast Asia region and beyond. Indah graduated from MSc Development Administration and Planning from University College London, United Kingdom in 2015. She finished bachelor degree from International Relations from University of Indonesia in 2014, with two exchange programs in Political Science at National University of Singapore and New Media in Journalism at Ball State University, USA. She was awarded Diplomacy Award at Harvard World Model United Nations and named as Indonesian Gifted Researcher by Australian National University. She is Researcher at Regional Planning Board in Cirebon, West Java. She previously worked as Editor in Bening Communication, the Commonwealth Parliament Association UK, and diplomacy consulting firm Best Delegate LLC in USA. Less
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