When the Bank of Canada launched its new $10 bill in 2018, it hid a Space Invaders-like video game called Inflation Busters inside the bill's web page, a fun diversion that caught on with a wider audience than usual for a central bank.
OTTAWA - When the Bank of Canada launched its new $10 bill in 2018, it hid a Space Invaders-like video game called Inflation Busters inside the bill’s web page, a fun diversion that caught on with a wider audience than usual for a central bank.
It’s a push that has become increasingly important amid the COVID-19 crisis and the rise of misinformation, a point made by the Bank of Canada’s governor, Tiff Macklem, at a major central banking symposium in late August. While reggae songs and video games are all the rage, the Bank of Canada’s everyday outreach is not likely to be trending anytime soon. Instead of “going viral,” the goal is to use non-traditional avenues to build credibility with a broader audience, including Canadians who get much of their information from social media.
The idea is that if Canadians better understand what the central bank does and how the economy works, monetary policy will be more effective, he said. “In the past, a lot of our communication has been unidirectional - from us to our audiences,” said Schembri. “One of the things that we have really tried to do with this engagement for the inflation target renewal is really listen.”
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