The Role of Open Communication Strategies of Central Banks in Achieving Sustainable Development Goals

Purpose: This study examines the impact of open communication strategies by central banks on achieving the UN Sustainable Development Goals (SDGs), identifying key mechanisms and providing recommendations to enhance their effectiveness. Theoretical Framework: The research is grounded in theories of monetary policy transparency, sustainable development concepts, and stakeholder approaches. It analyzes the relationship between central bank communication and specific SDGs, including economic growth (SDG 8), reduced inequality (SDG 10), and climate action (SDG 13). Methodology: A mixed-methods approach is employed, combining qualitative content analysis of communication materials from 20 central banks (2014–2024) and quantitative econometric analysis of data. Regression models assess the correlation between central bank transparency and SDG indicators. Results and Discussion: Findings reveal that communication transparency significantly correlates with progress on SDG 8 (a 0.21% GDP increase per 1-point rise in transparency index). For SDG 13, the effect is limited due to gaps between rhetoric and action. Influence on SDG 10 is minimal without coordination with fiscal policy. Practical Implications: Recommendations include integrating SDGs into central bank policy documents, developing standardized reporting frameworks, and adapting strategies to national contexts. Originality/Value: The study contributes to debates on expanding central bank mandates, proposing novel communication approaches for sustainable development.