Information could also be withheld if the release of that particular information is likely to interfere with the privacy of any person. In the absence of the above two reasons, it is the people’s right to know and indeed the journalists’ right to gather and publish information.
The growing importance of communications by central banks is on account of their responsibility for maintaining financial stability – which goes beyond the conduct of monetary policy. There is an assumption that well informed market participants would facilitate, if not assure, an improved functioning of the markets and the central bank is in the best position to provide such useful information.