Bangko Sentral ng Pilipinas Governor Eli M. Remolona, Jr. said the explanation behind an interest rate decision can shape public behavior, underscoring the role of communication in monetary policy. Remolona made the point in a message prepared for an Oct. 20 central bank communication masterclass hosted by Bangko Sentral ng Pilipinas, the Philippine central bank. He described the narrative behind a policy rate as a way to influence how people respond, alongside a change in the rate itself. “I believe explaining our decisions can be equally powerful,” Remolona said. Remolona said central banks had taken cues from the Federal Reserve’s increasing transparency, including policy statements and press briefings.
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