1. Communication – the key to a successful policy making Bank of Albania experience Gent Sejko Governor

2. What are BoA’ main areas of responsibility?
Conducting monetary policy
Safeguarding financial stability
Promoting a safe and efficient payment system
Securing sufficient currency and liquidity in the market
Enhancing financial education and boosting financial inclusion
2 July 2019

3. What are the “reach out” challenges we currently face?
Lack of adequate knowledge on:
the financial system
the role of the banks in the economy/society
the role of the central bank
Too much room for speculation in the media, leading to:
Miscomprehension of BoA’s actions
Misleading of different parties and the public
2 July 2019

4. How do we deal with them?
Through a continuous and thoroughly-elaborated communication, regularly combined with financial education initiatives.
2 July 2019

5. How important is it?
FED “The revolution […] isn’t about technology or speed. It’s a revolution in our understanding of how communication can influence the effectiveness of monetary policy. […] The FOMC had journeyed from “never explain” to a point where sometimes the explanation is the policy.” Janet Yellen’s Speech “Communication in Monetary Policy”, Washington , 4 April 2013 ECB “Communication is at the heart of monetary policy. It is a policy tool in itself.” Mario Draghi’s Speech “Central bank communication”, 14 July 2014
2 July 2019

6. Principles we follow Be clear & understandable
Easy and comprehensible messages
Consistent
Be transparent
Influence the market expectations
Guided by medium-term
Be a two-way communicator
Reach out a broad-based and diverse audience
Listen and learn from the public’s needs
2 July 2019

7. Our objectives
Informing the public about BoA’s tasks, policies and initiatives
Influencing economic policy decisions
Guiding and advising market behaviors
Bolstering credibility and reputation of BoA
Supporting the central bank activities
2 July 2019

8. Channels we use (new) Website Social media Museum Activities Public
Numismatic &
educational
Social media
Facebook
Twitter
YouTube
Flickr
Website
Activities
Public
Educational
Informal
2 July 2019

9. Other channels we use (traditional)
Publications
Reports
Analyses
Surveys
Books
Meetings
Parliament
Government
Financial system
Businesses
Ad hoc
Press
Conferences
Releases
Speeches
Interviews
2 July 2019

10. Throughout a year 8 90 910.000 130 13.500 followers 5.000 3.100
press conferences 90
activities and meetings
130
press releases, speeches and interviews
3.100
Museum visitors
5.000
pages of publications
followers
website users
2 July 2019

11. Its power
When properly tailored, Communication can immensenly support a central bank in being:
Accountable
You build-up confidence!
Reliable
Your voice is heard!
Efficient
Your message is paid heed!

12. Thank you for your attention!