However, the critical change that can be observed in recent years is that the electronic media such as the Reuters have enhanced the ability of communication systems to allow instantaneous reach of information to market participants. The IT revolution has transformed financial services by changing the speed, scope, nature of information and communication.
A random survey of the websites of some central banks shows availability of a wide variety of applications such as quick dissemination of important policy communications; posting of press releases; disclosing information relating to financial markets; releasing economic indicators in various formats; providing applications to extract statistics in the format desired by the user, equipping other web-based services to the financial sector such as facilitating submission of returns, advertising job opportunities in the central banks, etc.