Taiwan's Central Bank opens IG account to connect with young people

Taipei, May 6 (CNA) The Central Bank of the Republic of China (Taiwan) said Monday that it has opened an Instagram account to establish a better communication channel with the young generation.

In a statement posted on its Facebook page, the central bank said an account on IG has become effective since last Thursday (May 2) as part of its efforts to communicate with young people as this particular social media has been popular among them.

The central bank said it has joined the growing list of at least 85 central banks worldwide that have established their own Instagram accounts, simply wanting to jump onto the bandwagon.

For instance, the U.S. Federal Reserve, the American central bank, opened its IG account on Oct. 2, 2023, and among its 12 regional banks, only the Federal Reserve Bank of Boston does not have an IG account in place yet.

In addition, the central bank said, the European Central Bank, which is the central bank of the European Union; the Bank of England, which is the central bank of the United Kingdom; and the Bank of Korea, which is the central bank of South Korea, also have their own IG accounts.

Compared with other social media, such as Facebook, the central bank said, IG has seen the fastest growth in the number of central banks which have an account with it, citing statistics which showed only 71 central banks had IG accounts at the end of December 2021, but the number grew to no less than 85 now.

Central banks have been perceived as serious and old-school financial organizations and distant from the young generation.

The local central bank said it will post short films -- a form of media that has been well received among young people -- to share its monetary policies and financial knowledge, while information about its recruitment campaigns and internship programs will also be posted on IG.

Like the Bank of Korea, the local central bank said, it will also share economic knowledge presented by movies and dramas on its IG page, and introduce financial know-how provided by other groups.

In the past two decades, an increasing number of central banks worldwide have placed emphasis on developing effective communication strategies, and Taiwan's central bank cannot afford to be left behind.

It expects both the bank and the public to better understand each other through the IG platform, the central bank said.