The Central Bank of the Year award given to the Reserve Bank of New Zealand is recognition of innovative work undertaken by the Bank to enhance its contribution to the New Zealand economy, Reserve Bank Chair, Dr Rod Carr, said today.
London-based Central Banking Publications (the Central Banking Journal and CentralBanking.com) announced overnight that the Reserve Bank of New Zealand has won its ‘Central Bank of the Year Award' for 2015.
Dr Carr said that the Board of the Reserve Bank considered it an honour for the Bank to receive the award.
"The Bank has worked towards playing its part in steering the economy on a steady path, through recovery from the Christchurch earthquakes, strong but now moderating terms of trade, and despite house price pressures, a weak international environment, and a high New Zealand dollar. At the same time, it has implemented macro-prudential policy to moderate financial stability pressures from the housing market.
"The Bank has also taken on broader responsibilities for prudential supervision of insurance companies, and has initiated a programme to enhance the security of New Zealand's banknotes."
Dr Carr noted that the Bank has sought to broaden its communication and engagement with the community, enhance staff development, refine its governance, and build resilience through adoption of enterprise risk management.
"At a time when we recognise 25 years of inflation targeting, the Bank has shown its ability to keep innovating. The Board of Directors sees this award as validation of that work," Dr Carr said.
"The Bank continues to evolve in response to changes in the international and domestic environment."
Background
Central Banking Publications is a financial publisher owned by Incisive Media specialising in public policy and financial markets, with emphasis on central banks, international financial institutions and financial market infrastructure and regulation.
Central Banking Publications was founded in 1990, and makes a number of annual awards to central banks and market participants over a range of categories. This is the second year of the awards. The first Central Bank of the Year award winner in 2014 was the People's Bank of China.
The Central Bank of the Year award specifically recognises "a central bank that has demonstrated significant resolve and authority in fulfilling its mandate. Particular attention will be paid to details of pioneering policy efforts and powerful communication supporting the central bank's position."
Judging was by the Central Banking Awards Committee, which is made up of the Central Banking Editorial Team and Editorial Advisory Board, comprising former senior central bank governors from around the world.
Entry to the awards is by submission. The number of submitters is not revealed.
An awards ceremony will be held in London on March 12.
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