Jamaica's central bank is using reggae-inspired music videos to teach people about monetary policy
- Jamaica's central bank has released a series of videos on Twitter addressing inflation and monetary policy.
- The Caribbean nation has dealt with extremely high levels of debt in recent years.
- The campaign's videos - which are reportedly a product of Tony Morrison, the bank's public relations director - are educational, whimsical, and sound delightful.
"Low and stable inflation is to the economy what the bass line is to reggae music."
"Inflation's not the enemy if we control it. If it's too high, the people will cry."
Those are some of the lyrics from videos the Bank of Jamaica has released on Twitter in recent weeks to promote awareness around inflation, monetary policy, and the economy.The videos detail how inflation impacts every part of the economy, and why Jamaicans should be aware of the efforts the bank is making to keep inflation in check. The Bank of Jamaica cut its benchmark interest rate last month by 25 basis points to 1.75%, and bank said in its December assessment of monetary policy that inflation could fall below the lower limit of its 4%-6% target in the second half of this year and in early 2020.
The campaign's videos are a product of Tony Morrison, the bank's public-relations director, Quartz reported.
The Caribbean nation has dealt with extremely high levels of debt in recent years. Analysts say much of Jamaica's public debt came from bad bank loans the government absorbed to "resolve a mid-1990s crisis when dozens of banks failed amid a spree of lending," according to the Associated Press.
Last year, however, the World Economic Forum found the public perceives Jamaica as having one of the safest banking systems in the world.
Here is a selection of the BOJ's clips:
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