The Central Bank has always viewed its external communications as a necessary part of its business. The Bank maintains this outreach through its many publications, support of local art and culture, lectures and internship programmes.

As it modified its monetary framework in the period following the liberalizing of the capital market and the floating of the exchange rate in 1993, the Bank began to increase its outreach to the public. This was intended both to enhance its contribution to educating and informing the public generally, as well as to assist the market in understanding the Bank’s policy actions and intentions.

Educating about Policy Decision
The more recent initiatives have included the introduction of a Monetary Policy Report published semi-annually in March and September since 2002; public announcement of the overnight Repo rate each month to give an indication of the monetary policy stance; and the hosting of regular media briefings on publications and other projects. In addition, the Bank has been engaged in the updating of some of the regular publications to make them more easily understandable to a wider audience.

Contribution to Education
The Bank has always seen itself as having a responsibility to contribute to education in its area of expertise. In addition to the regular publications of its Research department, the Bank has also given lectures to school children, provided mentoring to undergraduate students and supported an internship arrangement with UWI. Through the Corporate Services department, the Bank has provided guided tours of its facility.

Lectures and workshops
The Bank’s efforts to strengthen communication with different groups within the society was intensified in 2003/4 when it formulated a structured and comprehensive Outreach Programme including lectures, workshops, and specially packaged information that are targeted to various groups. The Governor’s public speaking agenda forms a vital part of the Bank’s outreach programme as this opportunity is used to provide the public with information on the reasons and objectives for monetary policy and financial regulation initiatives.

Vacation Internship Programme
Other aspects of the Outreach programme include the recently initiated pilot programme aimed at exposing university undergraduates to work at the Bank and the Vacation Internship Programme (VIP) run over an eight week period during which participants are exposed to the operations of the Bank, as well as receive training in a number of selected areas that would aid their professional development.

Reuters Financial Journalism Training
As part of the Bank’s communications strategy, the Bank was proud to sponsor the Writing Business News Course for Financial Journalists from September 5th to 9th, 2005.  The workshop, facilitated by Roger Jeal and Colin McIntyre of the Reuters Foundation, U.K., provided a forum for financial journalists to enhance their level of technical awareness and reporting skills, with particular emphasis on topics such as “Financial News and Information” and “Central Banking Operations”.  more »

Other Initiatives
On the occasion of its 40th Anniversary, the Bank worked with SERVOL on a national Youth Speak Out competition involving participants from all of SERVOl’s Life Centres. The Bank also worked with the Ministry of Education on an Essay Writing Competition for schools.