Central Banking Awards 2025: final winners announced

The last group of winners of the Central Banking Awards 2025 were unveiled today (March 20), with Aleš Michl recognised as governor of the year and Agustín Carstens receiving the award for lifetime achievement.

Also published today are the awards for currency manager, which goes to the Central Bank of the Philippines (BSP); corporate services, which goes to the Reserve Bank of New Zealand (RBNZ); and initiative of the year, which goes to the Bank of England. Market practitioner awards go to Vermeg for technology services, Koenig & Bauer for currency services, and Crown Agents Bank for global markets.

Governor of the year: Czech National Bank (CNB) governor Aleš Michl has overseen a rapid process of disinflation in the space of two years, from more than 18% to its target of 2%.

The success came despite faulty signals from the bank’s key model, and the governor launched a major external review process to consider alternatives. The bank has now reformed its research department and is developing a new semi-structural model to test as a possible replacement main model.

Michl has also overseen significant efforts to strengthen the CNB’s financial position though reserves diversification into equities and gold, while curbing interest payments on excess reserves.

Michl says: “At a time of historic inflation, the Czech National Bank came together as one, committed to the very values we asked of society: slowing excessive money growth through discipline and savings. It was my honour and responsibility to lead this effort alongside the entire bank board. True leadership means making decisions today that honour the trust, hard work and savings of the people tomorrow.”

Lifetime achievement: During his 45-year career, Agustín Carstens has had a profound impact on the world of central banking. As Bank of Mexico (Banxico) governor and his country’s finance minister, he helped to stabilise and strengthen the economy. He also served as deputy managing director of the International Monetary Fund and later as general manager of the Bank for International Settlements.

Carstens will retire from the BIS later this year, having reshaped the organisation through the Innovation BIS 2025 strategic plan, which included the launch of the network of Innovation Hubs. He also led calls for central banks to take a firm response to the post-Covid inflationary surge, ultimately helping to ensure that inflation worldwide returned to more manageable levels.

“My training as an economist and formative years at Banxico, together with a diverse range of experiences and global roles as a public official, have given me a deep appreciation of the interconnectedness of our financial systems and the importance of safeguarding price and financial stability in the public interest,” Carstens says. “I am particularly proud to be recognised for the transformative work we have undertaken at the BIS in recent years to explore new frontiers to enhance the financial system.”

Joachim Nagel, president of the Deutsche Bundesbank, says Carstens “made a name for himself” due to his “outstanding expertise and tireless commitment” to international finance. “Agustín has significantly contributed to the stability and development of the global economy,” Nagel tells Central Banking. “His commitment to a modern, resilient financial architecture deserves the highest recognition.”

Currency manager: The BSP has taken action to ensure the Philippines has adequate stocks of banknotes despite a shrinking supplier base, while transitioning to more secure and longer-lasting polymer notes.

The central bank has partnered with Bundesdruckerei, a German federal technology company, to collaborate on currency management and production. It is also working with the Banque de France to strengthen currency security and production, while continuing to collaborate with Note Printing Australia on its new series of polymer notes.

Eli Remolona, BSP governor, says banknotes remain “vital” to the Philippine economy. “We’re committed to ensuring our people have enough of them and have faith in them,” he says. “We innovate and collaborate with global partners to fulfil this mission.”

Corporate services: After suffering a cyber breach via a third-party supplier, the RBNZ has executed a remarkable digital transformation, underpinned by its data and information strategy.

The central bank’s information, data and analytics group adopted a people-first approach to developing new digital architecture. This resulted in a carefully designed data governance structure as the RBNZ adopted the cloud.

Christian Hawkesby, acting RBNZ governor, says the award recognises “our commitment to enabling economic wellbeing and prosperity for all New Zealanders and… our vision of ‘Great Team, Best Central Bank’ by being recognised among our global peers.”

Initiative of the year: By revamping its regulatory data submissions website, the BoE has delivered tangible efficiency gains in terms of time and human resources spent by regulated entities on reporting.

The UK’s central bank collects data from hundreds of supervised firms, with a host of different data types being requested by supervisors. The efficiency of the data collection systems is therefore of utmost importance to regulated firms in the country.

“Clearer reporting instructions means higher-quality data,” says Clare Lombardelli, deputy governor for monetary policy at the BoE. “High-quality data benefits the UK by improving the bank’s understanding of the economy, and clearer reporting instructions reduces the reporting burden on firms, supporting economic growth.”

Technology services: Vermeg has been working with multiple central banks to support faster and more reliable market operations via its Megara platform.

Recently, Megara has enhanced collateral management at the Bank of Canada by streamlining liquidity operations, reducing trade processing times, and improving operational efficiency and resilience.

Khaled Ben Abdeljelil, senior vice-president, banking market strategy at Vermeg, says the firm supported the successful launch of a securities lending platform at the central bank. “This award is also a testament to the excellence of our technical teams, whose expertise and dedication have been key to delivering these transformative solutions,” he says. “We remain committed to driving efficiency, innovation and stability across global financial markets.”

Currency services: Koenig & Bauer Banknote Solutions has helped central banks increase the efficiency of their currency management, including by optimising banknote design features, while maintaining its role as a leading manufacturer of printing machines.

The firm uses cognitive neurology and perception science to gain insights into how people use banknotes, and which features they rely on most. This helps Koenig & Bauer say precisely which banknote features are worth the cost of inclusion on a note.

“This award validates our focus on using perception science to create inclusive and accessible banknotes for everyone,” says Mark Stevenson, market development manager at Koenig & Bauer. “We believe banknotes have a strong future, and ensuring accessibility is crucial to that future.”

Global markets: Crown Agents Bank has become a leader in supporting the authorities in developing countries in meeting their foreign currency payment obligations. By providing local currency services, the bank allows a country’s authorities to service debts without dipping into the central bank’s FX reserves, a move that could damage confidence.

The bank’s services can also save central banks money in meeting international payments. Invoices are typically sent as much as a month ahead of the settlement date and include a large markup to guard against currency fluctuations. Using Crown Agents Bank enables central banks to avoid the markup and settle at a cheaper rate.

David Bee, the bank’s chief commercial officer and executive vice-president, says the award “underscores our commitment to providing essential local currency services to central banks, in fast-growing economies through our long-held partnerships”. He adds that the bank’s services enable authorities to “navigate fiscal challenges and optimise foreign currency management”.