Central banks must prepare for profound impact of AI, BIS says

LONDON, June 25 (Reuters) – Central banks should embrace the benefits of artificial intelligence (AI) the Bank for International Settlements (BIS)has said, but stressed the technology should not replace humans when it comes to setting interest rates.

In its first major report into the rapidly advancing world of AI, the central banking umbrella group said policymakers need to harness its immense power to monitor data in real time in order to “sharpen” their inflation-predicting abilities.

Source: REUTER