Central Banking Awards 2025: the winners in full

All of the winners of the Central Banking Awards 2025 have now been announced. Two of the top prizes went to the Bank of Thailand, 2025’s central bank of the year, and Aleš Michl, the governor of the year.

Now in their 12th year, the Central Banking Awards recognise outstanding achievements in the central banking community. The Central Banking team has spent several months reviewing pitches, conducting interviews and contacting referees to narrow down a fiercely competitive field.

The past year has been marked by high uncertainty and global economic – and geopolitical – turbulence. Many of the awards recognise how central banks, other official institutions and their commercial partners have responded to these challenges.

Central bank and official institutions awards

Central bank of the year: The Bank of Thailand has had to navigate heightened global uncertainty like other central banks, but has also faced structural challenges in the domestic economy and significant political pressure.

The central bank has deftly demonstrated its commitment to monetary and price stability, defending its autonomy while spearheading a multifaceted financial sector reform programme.

Governor Sethaput Suthiwartnarueput says the award is testament to the bank’s “steadfast commitment” to monetary and financial stability, “through a robust policy framework, as well as providing the groundwork for a more resilient and future-ready financial landscape”.

He adds: “Our dedicated staff can be proud of this achievement.”

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.

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

Agustín Carstens

“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.”

Economics in central banking: Tobias Adrian, Nina Boyarchenko and Domenico Giannone began developing the growth-at-risk framework in the 2010s while at the Federal Reserve Bank of New York as a means of forecasting the whole distribution of future outcomes, not just the most likely outcome. Since then, the framework has been deployed in a host of policy settings, by monetary and macro-prudential policy-makers, to assess the risk profile of different policy choices.

Growth-at-risk and other at-risk frameworks based on the same methodology have given central banks crucial tools for dealing with today’s high levels of uncertainty. Adrian and Giannone have since taken the work further as part of the International Monetary Fund’s efforts to create an integrated policy framework, while Boyarchenko continues to work on at-risk modelling at the New York Fed.

“I am delighted to see Tobias Adrian and colleagues recognised with Central Banking’s economics in central banking award 2025 for their groundbreaking work on growth-at-risk,” says IMF first deputy managing director Gita Gopinath. “This joint research, together with the US Federal Reserve, has helped transform how we seek to understand macro-financial interactions; emphasising the asymmetric risks financial conditions impose on future economic growth.”

It is a delight to see this community of expert practitioners recognise Nina’s work

Kartik Athreya, Federal Reserve Bank of New York

Gopinath adds that by “bringing an empirical foundation to risk assessment”, the economists have “advanced economic forecasting and provided policy-makers with a powerful framework to navigate financial stability and macroeconomic policy in an integrated way”.

Kartik Athreya, director of research at the New York Fed, says Adrian, Boyarchenko and Giannone have “sharpened our entire profession’s views” on how financial conditions shape real economic activity. “We at the New York Fed, and the Federal Reserve System, have used these insights in our discussions of monetary policy. So, it is a delight to see this community of expert practitioners recognise Nina’s work,” he adds. Athreya’s comments were made outside of the Federal Open Market Committee’s blackout period.

Pierre-Olivier Gourinchas, economic counsellor and director of research at the IMF, adds: “Domenico Giannone’s work on growth-at-risk has been instrumental in shaping how we think about the links between financial conditions and economic volatility. This research has provided policy-makers with a deeper understanding of downside risks, and helped sharpen policy discussions. This recognition reflects the profound influence that Domenico and his colleagues have had on central banks’ policy-making, an influence that is likely to grow as central bankers need to navigate an increasingly complex global economy.”

Reserve manager: A new foreign exchange reserve framework has enabled staff at Bank Indonesia (BI) to adapt faster to changing market dynamics, while supporting monetary operations. This meant BI was much more agile in adapting to the US Federal Reserve’s rate changes. The framework has also supported regular updates to BI’s strategic asset allocation.

“The transformation of the foreign exchange reserve management framework aims to safeguard foreign reserve preservation, adequacy and liquidity amid global economic divergence, uncertainty and heightened geopolitical tensions,” says governor Perry Warjiyo.

Warjiyo says the framework also plays a “crucial role” in supporting monetary policy, underpinning the bank’s efforts to ensure the stability of both prices and the level of the rupiah, while supporting growth, macro-prudential stability and payments modernisation.

Risk manager: The Bank of Italy has transitioned from a reliance on conventional credit ratings to also incorporate empirical estimates based on market pricing. The approach enables it to capture information that is not reflected in rating agencies’ assessments, and better tailor risk assessments to the unique needs of a central bank.

Risk management at the institution has further benefitted from a focus on sustainability criteria and new corporate mapping tools based on a knowledge graph approach to artificial intelligence.

“I am very proud of this prestigious recognition from Central Banking,” says governor Fabio Panetta. “The risk manager of the year award honours our unwavering commitment to prudent, forward-looking risk management. It also highlights our key role in supporting the financial system when, in times of crisis, other market participants engage in widespread de-risking.”

Currency manager: The Central Bank of the Philippines (BSP) has taken action to ensure the country 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 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.”

Transparency: The Bank of Portugal’s first website overhaul in seven years has boosted the site’s appeal, while adding new content, improving usability and increasing interoperability with social media channels.

The bank has also launched economic and financial literacy campaigns across social media and produced engaging videos to enhance internal communications.

Mário Centeno, governor of the Bank of Portugal, says transparency is “more than a principle. It’s our way of building trust and strengthening our relationship with the public. This award is a confirmation of this commitment. Engaging with civil society is a priority for me. We can only be credible if our objectives are truly understood by the people we serve.”

Digital transformation: The Reserve Bank of India has executed an ambitious programme of digital change through the launch of its Sarthi and Pravaah systems. Workflows that previously relied on paper-based and manual processes are now digitised, with tracking tools and integrated cyber security.

Throughout the upgrade process, the IT team worked closely with staff to ensure the tools were designed to meet business needs, and to make sure staff understood and used the tools when they were rolled out.

“Sarthi and Pravaah reflect RBI’s commitment to foster a seamless technology-driven financial ecosystem,” says governor Sanjay Malhotra. “These transformative initiatives involving process re-engineering will promote ease-of-doing business, increase transparency, enhance efficiency, improve accountability and strengthen the confidence of citizens in the central bank.”

Corporate services: After suffering a cyber breach via a third-party supplier, the Reserve Bank of New Zealand (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.”

Payment and market infrastructure development: The Central Bank of Paraguay launched the SPI instant payment system in 2023. The system enables users to make free and instant payments around the clock, and led to a fourfold increase in daily transactions.

This award underscores our commitment to enhancing Paraguay’s payment systems

Carlos Carvallo Spalding, Central Bank of Paraguay

Payment volumes are projected to exceed 172 million by the end of 2025. The system has also supported the creation of more than 2 million new bank accounts, thereby driving a significant improvement in financial inclusion. Because a wide range of institutions – including fintech firms and credit unions – can access the system, it is able to reach a wider section of the country’s 7.5 million population.

“This award underscores our commitment to enhancing Paraguay’s payment systems,” says governor Carlos Carvallo Spalding. “We prioritise modernisation and efficiency to ensure secure, inclusive and resilient financial services.”

Green award: The RBNZ has broken new ground by integrating climate risks into its stress testing framework, an approach that other central banks in Africa and Asia-Pacific are now seeking to emulate.

The framework is designed both to capture the financial stability risks from climate change and the transition to net zero, and to support the financial sector in developing the data and skills needed to manage climate-related risks. Banks are expected to do their own credit risk modelling at a micro level for some of the most exposed sectors, including agriculture and home loans.

Simone Robbers, assistant governor at the RBNZ, says “understanding, identifying and managing” climate-related risk is a “critical element” of financial resilience. “Our stress testing approach reflects New Zealand’s unique challenges, from impacts on key sectors to the financial effects of extreme weather and insurance retreat,” she says.

Initiative of the year: By revamping its regulatory data submissions website, the Bank of England 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.”

Financial stability initiative: The Bank of Finland and regulator Fin-FSA have dramatically increased the availability of data through a new credit register backed up by a cloud-based analytics platform.

The new register provides much greater detail on people’s credit history, including both positive and negative data at every point through a loan’s lifecycle. The register gives a clear picture of the financial obligations of all Finnish people, offering regulators a highly up-to-date picture, which is likely to be particularly valuable in times of financial stress.

Olli Rehn, governor of the Bank of Finland, says the collaboration with Fin-FSA has been “seamless”, resulting in a “state-of-the-art cloud-based platform”. “The award not only acknowledges our past achievements but also serves as an incentive guiding our future endeavours,” he says.

Artificial intelligence initiative: The IMF developed an AI tool to improve its monitoring of third-party risks, an area rapidly growing in importance for central banks and other institutions worldwide.

The fund employs upwards of 1,000 third-party providers around the world, making it a highly demanding task to supervise them all. The AI tool collects information from sources such as licensed databases, company annual reports, credit rating agency reports and news articles. It then generates a score to highlight any firms that pose outsized risks.

This recognition underscores the role of innovation in effective enterprise risk management

Li Bo, IMF

Li Bo, deputy managing director of the IMF and chair of its risk committee, says: “This recognition underscores the role of innovation in effective enterprise risk management. Using AI, we are enhancing our assessment and management of third-party risks and thus advancing our internal risk functions.”

Communications initiative: The Bank of Israel has increased the power of consumers of banking services by rolling out a series of dashboards that enable people to compare at a glance the products offered by different banks.

Despite the operational challenges posed by the conflict in Gaza, the central bank managed to continue its consumer protection efforts and rolled out new dashboards in late 2024.

Governor Amir Yaron says the award reflects the bank’s “innovative initiatives”. He adds: “The publication of comparative information helps to empower customers and enables them to make informed decisions after examining comprehensive data in a simple, accessible and convenient manner, thereby enhancing competition in the banking system.”

Partner awards

Asset manager: Franklin Templeton has helped central banks navigate the current uncertain environment by providing a long-term focus, high-quality training and tailored investment strategies.

The firm gained new mandates from central bank clients in 2024. It supports banks with a range of fixed income and equity options, and provides specialist advice on assets such as mortgage-backed securities.

“Serving official institutions for more than 30 years, Franklin Templeton is committed to being a trusted adviser to central banks in challenging market conditions,” says the firm’s chief executive, Jenny Johnson.

Digital currency initiative: Central banks around the world are scaling up their trials of tokenisation and distributed ledger technology (DLT). HSBC has proven itself a trusted partner in some of the largest trials, working in the past year with the Hong Kong Monetary Authority and the European Investment Bank.

HSBC’s Orion DLT platform has played a role in both cases, serving as a platform to facilitate the transfer of digital assets. The bank has since used Orion to issue its own digital bonds.

“Central banks are vital in developing digital asset markets, so it’s a real pleasure to receive this prestigious award that recognises the amount of groundbreaking work the HSBC team has achieved with HSBC Orion,” says John O’Neill, the bank’s group head of digital assets and currencies.

Asset services initiative: The World Bank Treasury deployed an innovative AI-based method to solve problems with the accuracy of bond market data. With $200 billion of assets under management, and most of them fixed income, even small inaccuracies were creating major problems.

The World Bank solved the problem by sourcing bond terms directly from issuers. The sheer volume of data made it necessary to develop an AI-driven automated system to handle the information.

“This AI solution reduces operational risk and enhances investment returns for our internal and client portfolios,” says Jorge Familiar, vice-president and treasurer at the World Bank. “Equally importantly, the solution could also benefit asset management operations for our peer and client institutions.”

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 enables 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”.

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.”

Financial market infrastructure services: Nasdaq has upgraded its cloud-based systems for central banks, adding a monetary operations portal to its existing suite of tools. The innovations, built on the Calypso platform, are helping central banks to cut costs and manage their FX reserves and other assets strategically and flexibly.

A next step for the firm is investigating how digital currency is issued and managed by central banks, as well as potential collateral tokenisation, and how this can be handled on its platforms.

“Central banks are on an extraordinary digital transformation journey, transitioning legacy systems to cloud-based platforms to keep pace with global capital market innovation,” says Gil Guillaumey, senior vice-president and head of capital markets technology at Nasdaq. “It is an honour for Nasdaq to be recognised for our leadership in addressing this industry-wide challenge.”

Payment services development: Montran has been working with several central banks to upgrade their core settlement infrastructure and fast payment systems. One of its most critical recent projects was the iBuraq instant payments system, which it rolled out in the Palestinian Territories in 2024, thus helping Palestinians displaced by conflict to conduct digital payments.

Another major project was the launch of an instant payment system in Romania. Between 2023 and 2024, Montran introduced QR code-based payments, thereby facilitating a wide range of transaction types between individuals, businesses and the government.

“This award reflects our commitment to delivering cutting-edge instant payment solutions that drive efficiency, security and financial inclusion – helping central banks and financial institutions worldwide build a more connected and resilient payments ecosystem,” says Alexander Esca, chairman and chief executive of Montran.

Payment services initiative: FNA’s Money Trails tool has helped Bank Negara Malaysia and Payments Network Malaysia (PayNet) to track and tackle fraud.

When individuals report an issue, the funds can be traced across the financial sector using data supplied by banks and PayNet. The country’s National Fraud Portal now maintains a database of “mule account holders” that act as conduits for stolen funds. Instant payments in the past enabled fraudsters to move money quickly and to cash out, but Money Trails enables stolen funds to be blocked in near-real time.

“FNA has been delighted to work with Bank Negara and PayNet Malaysia to enable tracking of suspicious funds, fighting crime, and helping recover stolen monies for scam victims,” says Florian Loecker, chief product and technology officer at FNA. “It is truly gratifying to apply our unique graph technology to play our part in solving such a pressing problem.”

Partner initiative: Swift has played a central role in global efforts to develop central bank digital currencies and a tokenised payments network.

Swift brought together more than 10 central banks in 2024 as part of exploratory CBDC work, connecting the European Central Bank, Banque de France and Hong Kong Monetary Authority’s wholesale CBDC systems to achieve foreign exchange settlement.

“This award reflects our dedication to advancing digital currency and tokenisation interoperability globally, reinforcing our commitment to industry-wide collaboration,” says Nick Kerigan, managing director and head of innovation at Swift. “By working closely with central banks and financial institutions, we are shaping the future of cross-border transactions.”

Regulatory technology services: FTS’s Strix platform has enhanced risk assessment capabilities across the banking, payments and remittance, money exchange and virtual asset sectors.

The company has also helped central banks step up their work with data, allowing for greater precision in detecting and understanding anti-money laundering (AML) risks. Strix enables central banks to streamline data collection and analysis, helping them cope with growing AML data volumes. Users say the platform has helped them detect risks even at smaller and lower-risk entities.

“Having invested specifically in reusable technology for banking supervisors for years, the benefits of Cots [commercial off-the-shelf systems] are being actively and tangibly realised by Strix users,” says Garrett Storm Dunker, chief executive of FTS.

Cyber security initiative: SecAlliance has been working with central banks to develop cyber resilience in their respective financial sectors. The firm’s intelligence services are founded on information provided by a network of specialists, including through regular geopolitical risk assessments.

Central bank users said the company’s ThreatMatch portal was a user-friendly means of gathering high-quality threat intelligence.

Rob Darnell, chief executive of SecAlliance, says: “Keeping societies safe is at the heart of what we do. To achieve this, we work hard with central banks and governments to build intelligence-sharing and testing programmes to drive national resilience.”