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The Reserve Bank of New Zealand has won the ‘Transparency Award’ at the Central Banking Publications annual awards for its work on the Monetary Policy Handbook.
Reserve Bank Governor Adrian Orr said it was a great honour to receive this year’s Central Banking Transparency Award.
“We want to be a ‘Great Team, Best Central Bank’ and transparency plays a crucial part to get there. This award recognises our efforts to bringing a higher level of transparency and accountability in achieving our mandate,” Mr Orr said.
Central Banking Publications stated the handbook was clearly written and informative. They were particularly impressed with the new approach in information-sharing that the handbook represents, “It shows the Reserve Bank’s real commitment to communicating with the nation’s citizens and other stakeholders in a serious, honest manner.”
Mr Orr said the introduction of New Zealand’s monetary policy framework early last year gave the Reserve Bank an opportunity to be more open in its policy process. “As part of this we prepared the Monetary Policy Handbook which provides key information on our understanding of how the New Zealand economy operates and our framework for monetary policy formulation. By making it also available to the wider public, the handbook serves as a tool to help explain how monetary policy works and contributes to the economy. The handbook is intended to be a living document that communicates our evolving understanding of the economy and the role monetary policy plays.”
Mr Orr also commended the people involved in putting together the handbook. “I congratulate the staff who have worked to ensure our monetary policy processes are transparent and clearly communicated.”
The Reserve Bank has previously won in other categories of the Central Banking awards. It was named the ‘Central Bank of the Year’ in 2015 and has received the ‘Initiative of the Year’ award twice – in 2016 for its enterprise risk management system and in 2019 for the Bank Financial Strength Dashboard. Former Reserve Bank senior adviser Leo Krippner also won the award for ‘Economics in Central Banking’ in 2017.
About the Central Banking Awards
Central Banking Publications is a financial publisher owned by Incisive Media and 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 seventh year of the awards.
Judging was done by the Central Banking Awards Committee, comprising members of the Central Banking Editorial Team and Editorial Advisory Board. This year’s awards will be presented at a gala dinner in Brussels on 19 March.