Number:
1306
Published:
Classification JEL:
A2, E58, D83, D89, G53
Keywords:
Banco de la República (12908), Public perception (24950), Knowledge (24951), communication (21970), Confidence (24952), Inflation (11440)
The most recent
Luis E. Arango, Leonardo Bonilla-Mejía, Luz Adriana Flórez, Luis E. Arango
Julián Andrés Parra-Polanía, Constanza Martínez-Ventura
Edgar Caicedo-García, Jorge Enrique Ramos-Forero, Hernán Rincón-Castro, Hector Manuel Zárate-Solano
Abstract
Based on a survey of the country's adult population, this article reveals that 95% of Colombians have heard of Banco de la República and that 38.4% of citizens partially or completely trust its actions. This percentage is significantly higher among more specialized audiences, such as businesspeople or opinion leaders, who usually give ratings above 4.5, consolidating Banco de la República as the most trustworthy institution in Colombia. However, in 2023, only 44.6% of respondents knew that Banco de la República is responsible for keeping inflation low and stable in Colombia. Although this figure is still a minority, it represents a significant advance of 14.9 percentage points compared to the 29.7% recorded in the pilot survey conducted in 2022. On the other hand, around 61% of respondents stated that Banco de la República's communications are not easy to understand, which represents a significant challenge for the Department of Communication and Economic Education, which must focus on producing content with clear and accessible language, which allows the Bank's messages to be effectively disseminated. Without effective communication, the transmission of monetary policy can be compromised. In addition, the survey also showed that television and social media are the main sources of information about Banco de la República. Therefore, it is essential to maintain a solid relationship with journalists specialized in Economics and, in addition, to strengthen collaboration with influencers on economic and financial issues. This will allow expanding the reach and effectiveness of the Bank's communications while maintaining the technical rigor of its content.
Banco de la República (the Central Bank of Colombia) implemented pilot surveys and, in 2023, conducted a nationally representative survey of the adult population. This revealed important data, such as that 95% of Colombians have heard of the Bank, but only 44.6% identify it as responsible for maintaining low and stable inflation.