World’s central banks are cautious of AI

The world’s central banks are wary of artificial intelligence amid concern that AI-driven behavior could “accelerate future crises,” according to a survey by the Official Monetary and Financial Institutions Forum. “AI helps us see more, but decisions must remain with people,” one participant was quoted as saying in the report from a working group of 10 central banks from Europe, Africa, Latin America and Asia managing roughly $6.5 trillion. More than 60% of respondents said that AI tools are not yet supporting core operations. although most central banks are using AI mainly for basic work, such as summarizing data or scanning markets. “Most early applications centered on routine analytical tasks rather than risk management or portfolio construction,” the report said.