As seen during the COVID-19 pandemic, the acceleration of climate change and the volatility of digital financial assets, the rapid pace of technological change is matched by the ever-evolving risks to financial stability and the global economy. It is within this environment that central banks need to harness technology to capture, handle, integrate and use new data effectively.
In partnership with Official Monetary and Financial Institutions Forum (OMFIF), we hosted a series of interviews and roundtable discussions with central bank officials from around the world to further understand how they are navigating data transformation and the challenges they face in adopting the tools, techniques and measures for improving data utility in the fulfillment of their mandates.
In this report, we seek to address the ways in which central banks are developing and implementing data governance strategies. We also examine how central banks are using big data and unconventional data sources for key policy-making competencies, including financial stability, monetary policy and reserves management. In addition, we explore the kinds of technological infrastructure, operating models and strategies that central banks are pursuing, as well as discuss the risks and challenges involved in undertaking an institutional transformation with regard to data governance.