Instagram is new frontier for central banks. Is TikTok next?

Bank Indonesia is the most-followed central bank on Instagram, with just under 700,000 followers as of April 28. — AFP

The world’s central banks are mixing it with wellness influencers, makeup experts and amateur chefs on Instagram as they increasingly turn to the social media platform to get their messages across.

While Facebook and Twitter remain monetary authorities’ social media of choice, they have markedly increased their use of Instagram over the past year. Seventy-one banks were on the platform as of December 2021, according to the Central Bank Directory, a 396-page tome on monetary policy makers and their institutions.