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Artificial intelligence in central banks: Governance and implementation

Author

Listed:
  • Godoy De Araujo, Douglas Kiarelly

    (Banco Central do Brasil, Brazil)

  • Schmidt, Rafael

    (Bank for International Settlements, Switzerland)

  • Sirello, Olivier

    (Bank for International Settlements, Switzerland)

  • Tissot, Bruno

    (Bank for International Settlements, Switzerland)

  • Villarreal, Ricardo

    (Banco Central de Chile, Chile)

Abstract

This paper discusses the implementation and governance of artificial intelligence (AI) in central banks, drawing on a survey by the Irving Fisher Committee on Central Bank Statistics (IFC) of the Bank for International Settlements (BIS). AI has become strategically important for central banks, with the main question being how to use it effectively and responsibly to support their tasks and guide decision-making. Central banks’ experience shows that AI deployment is being complemented with adequate and robust governance, especially to ensure the development of effective user-focused applications and mitigate the associated risks. However, AI implementation also brings several IT challenges, including the pressing yet costly need to access more computational power. Looking ahead, making further progress on data management, governance and infrastructure, as well as ensuring that society can keep accessing high-quality reference information appear to be key priorities for making the most of AI opportunities.

Suggested Citation

  • Godoy De Araujo, Douglas Kiarelly & Schmidt, Rafael & Sirello, Olivier & Tissot, Bruno & Villarreal, Ricardo, 2025. "Artificial intelligence in central banks: Governance and implementation," Journal of AI, Robotics & Workplace Automation, Henry Stewart Publications, vol. 4(1), pages 8-24, June.
    • Handle: RePEc:aza:airwa0:y:2025:v:4:i:1:p:8-24
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    JEL classification:

    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management
    • G2 - Financial Economics - - Financial Institutions and Services

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