Governance and implementation of artificial intelligence in central banks

Artificial intelligence (AI) can hold significant potential for central banks. As an innovative technology, it is likely to provide still unexplored benefits in automation, productivity and operational efficiency. It can also offer new ways to generate insights and better support decision-making.  

Against this setting, exploring AI has become strategically important for central banks, as highlighted by a recent survey of IFC members. They appear to be rapidly embracing innovative data science techniques in their activities, including for economic research and statistics. They are in particular actively experimenting with generative AI to enhance various tasks, such as information retrieval, computer programming and data analytics. 

Yet, below the surface, many central banks are still in the initial adoption phase. This raises the central question of how AI can be effectively and responsibly used in their production processes.