Artificial intelligence in central banks: Governance and implementation

Douglas Kiarelly Godoy De Araujo, Rafael Schmidt, Olivier Sirello, Bruno Tissot and Ricardo Villarreal
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Douglas Kiarelly Godoy De Araujo: Banco Central do Brasil, Brazil
Rafael Schmidt: Bank for International Settlements, Switzerland
Olivier Sirello: Bank for International Settlements, Switzerland
Bruno Tissot: Bank for International Settlements, Switzerland
Ricardo Villarreal: Banco Central de Chile, Chile

Journal of AI, Robotics & Workplace Automation, 2025, vol. 4, issue 1, 8-24

Abstract: This paper discusses the implementation and governance of artificial intelligence (AI) in central banks, drawing on a survey by the Irving Fisher Committee on Central Bank Statistics (IFC) of the Bank for International Settlements (BIS). AI has become strategically important for central banks, with the main question being how to use it effectively and responsibly to support their tasks and guide decision-making. Central banks’ experience shows that AI deployment is being complemented with adequate and robust governance, especially to ensure the development of effective user-focused applications and mitigate the associated risks. However, AI implementation also brings several IT challenges, including the pressing yet costly need to access more computational power. Looking ahead, making further progress on data management, governance and infrastructure, as well as ensuring that society can keep accessing high-quality reference information appear to be key priorities for making the most of AI opportunities.

Keywords: artificial intelligence; central banks; data governance; innovation; official statistics (search for similar items in EconPapers)
JEL-codes: G2 M15 (search for similar items in EconPapers)
Date: 2025
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