Central banks turn to AI for data analysis and decision-making
As central banks across the globe continue to embrace artificial intelligence (AI) technology, a new study by the Bank for International Settlements (BIS) highlights the significant role that AI tools play in information collection and analysis. In particular, large language models (LLMs) have become indispensable for central banks in their pursuit of real-time data and valuable insights. By utilizing neural networks and machine learning techniques, central banks can effectively monitor inflation expectations, assess the efficacy of monetary policies, and even predict consumer behavior in response to the launch of a central bank digital currency (CBDC).
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