Working Papers on Economics - Public perception and knowledge of the work of the central bank of Colombia

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The series Working Papers on Economics is published by the Office for Economic Studies at the Banco de la República (Central Bank of Colombia). It contributes to the dissemination and promotion of the work by researchers from the institution. This series is indexed at Research Papers in Economics (RePEc).

On multiple occasions, these works have been the result of collaborative work with individuals from other national or international institutions. The works published are provisional, and their authors are fully responsible for the opinions expressed in them, as well as for possible mistakes. The opinions expressed herein are those of the authors and do not necessarily reflect the views of Banco de la República or its Board of Directors.

AUTHORS AND/OR EDITORS
Castellanos-Rodríguez, Luis Eduardo
López-Rodríguez, Andrea Lizeth
Rodríguez-Pinilla, Diego Andrés
Esguerra-Umaña, María del Pilar
Arcand, Jean Louis

The series Working Papers on Economics contributes to the dissemination and promotion of the work by researchers from the institution. On multiple occasions, these works have been the result of collaborative work with individuals from other national or international institutions. This series is indexed at Research Papers in Economics (RePEc). The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.

Publication Date:
Thursday, 13 March 2025

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.