The Bank for International Settlements (BIS) has emphasized the need for central banks to better understand and harness artificial intelligence (AI) to gauge its economic impact. In its recent statements, BIS highlighted that while AI offers significant benefits, it should not replace human judgment in key decision-making processes. The organization also stressed the importance of data availability and governance, urging central banks to foster a 'community of practice' to share knowledge, data, best practices, and AI tools. BIS described AI as a 'game changer' and called for central banks to prepare for its profound impact. These insights were shared as part of the BIS Annual Economic Report.