John Rwangombwa on artificial intelligence
From Overcoming Genocide & Financial Crises w/ BNR Governor John Rwangombwa | THE LONG FORM · · TheLongFormPodcast
“We're building a data science team and setting up frameworks to use artificial intelligence to support decision-making, but I don't see AI removing the need for human central bankers — you still need human judgment to relate machine output to real life.”
On , John Rwangombwa, Governor at National Bank of Rwanda, spoke about artificial intelligence during Overcoming Genocide & Financial Crises w/ BNR Governor John Rwangombwa | THE LONG FORM on TheLongFormPodcast.
About John Rwangombwa
John Rwangombwa, Governor of the National Bank of Rwanda, discussed the bank's history and current priorities in a June 2024 podcast interview. He described the bank's dual mandates of price stability and financial sector stability, and emphasized that a central bank's "biggest asset is credibility." Rwangombwa recounted the bank's post-1994 rebuilding, including the government's 1995 decision to print new bank notes to invalidate currency used by those mobilizing against the government)Skip. He also noted that in 2012, the suspension of funding by development partners over perceptions related to M23 created a "big blip" in the development agenda, requiring resilience to adjust to exogenous shocks. Rwangombwa stated that the bank is implementing a digital transformation strategy, including work on a central bank digital currency, with a vision to become a "world-class central bank." He said the bank is building a data science team and setting up frameworks to use artificial intelligence to support decision-making, but added that he does not see AI removing the need for human judgment. On communication, Rwangombwa said the bank does "a lot of communication" to help people make informed decisions, calling it a "big responsibility" because any statement by central bankers impacts the economy. He also addressed the tension between a national message to "build" and the central bank's role in slowing activity during inflationary periods, stating that "the cost of prolonged inflation is far bigger than a short period of restraint."