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Rethinking Communication in Monetary Policy: Towards a Strategic leaning for the BCC

Plante Kibadhi and Christian Pinshi ()

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Abstract: The ability of a central bank to influence the economy depends on its ability to manage the expectations of the general public and the financial system regarding the future development of macroeconomic indicators. The communication strategy (in this time of crisis and uncertainty) increases transparency, improves public understanding and support for the monetary policy and democratic accountability of the Central Bank of Congo (BCC), serving to convergence towards the balance of expectations. This paper agrees that a strategic direction of communication, focused on coherent messages, can help break down pessimistic expectations, maintain confidence, reduce the cost of the crisis and stabilize the economy. In conclusion, the article suggests a dozen recommendations, to be able to strengthen and redirect the BCC's communication strategy and contribute to the effectiveness of monetary policy.

Date: 2020-07-07
New Economics Papers: this item is included in nep-mac and nep-mon
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