Central Banking’s 12th Annual Industry Awards Winners

For immediate release: 10:00 GMT, March 20, 2025

Central Banking is pleased to announce the fourth tranche of winners of the Central Banking Awards 2025, its 12th annual industry awards recognising excellence in the central banking community. #CBawards

Drawing on 35 years of independent and informed reporting, analysis, benchmarking and comment, the Central Banking Awards were judged by a panel made up of members of the Central Banking Editorial Team and Editorial Advisory Board.

A brief description follows, detailing the rationale for giving the awards as well as reaction comments from the Governor of the Czech National Bank, the General Manager of the Bank for International Settlements and the President of Deutsche Bundesbank, the Governor of the Central Bank of the Philippines, the Acting Governor of the Reserve Bank of New Zealand, the Deputy Governor of the Bank of England, the Chief Commercial Officer and Executive Vice-president of Crown Agents Bank, the Senior Vice-president of Vermeg, and the Market Development Manager of Koenig & Bauer Banknote Solutions.

Governor of the year: Aleš Michl, Czech National Bank

Under Aleš Michl’s leadership, the Czech National Bank reduced the country’s inflation from 18% to its targeted 2% within a two-year window. Michl has prioritised qualitative judgement and real-time data over the central bank’s DSGE model outputs, keeping rates at restrictive levels for as long as they were needed. His determination to maintain the value of the koruna in 2023 and his forceful communications across all channels played a key role in the CNB curbing inflation.

Michl has not only urged for wage restraint to ensure domestic inflationary forces stayed in check but also led by example by freezing the salaries of CNB board members and reducing staff levels at the CNB. He has also made notable efforts to strengthen the central bank’s financial position by diversifying foreign exchange reserves into equities and gold, while stopping interest payments on minimum reserves. Moreover, the results of his three independent economic modelling reviews have set the CNB on a path to a future return to forecast-based inflation targeting.

Aleš Michl, Governor, Czech National Bank, said:

“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.

“I am truly grateful to the Central Banking Awards Committee for this recognition.”

Christopher Jeffery, Chairman, Central Banking Awards Committee, said:

“Aleš Michl’s exceptional leadership of the Czech National Bank played a critical role in reducing inflation from 18% – one of the highest levels in Europe – back to its target. His style may be unconventional, but his judgement has proven prescient in many areas, positioning the CNB to face the challenges of the future.”

Lifetime achievement award: Agustín Carstens

Agustín Carstens has had a profound impact on the world of central banking during his 45-year career. He has made important contributions as an economics ‘pioneer’ in Mexico, while taking on leadership roles at the Bank of Mexico (including as governor from 2010–17) and the finance ministry.

Carstens has applied numerous lessons related to public finance, monetary policy, exchange rates and financial systems, many learned in Mexico during crises, to his international roles, including as deputy managing director at the IMF and later as general manager of the Bank for International Settlements – the first from an emerging market economy. Most recently, this involved strong calls for central banks to get a firm grip on inflation.

Described by his peers as intensely curious, reliable and innovative, alongside being a pre-eminent strategic thinker, Carstens has attained and shared almost unique perspectives on the international economy from his roles in central banking, government and at multilateral agencies.

Agustín Carstens, General Manager, Bank for International Settlements (and former Governor of the Bank of Mexico, Deputy Managing Director of the International Monetary Fund and Minister of Finance for Mexico), said:

“I am deeply honoured to receive the Central Banking Lifetime Achievement Award. My training as an economist and formative years at Banco de México, 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. 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, Deutsche Bundesbank, said:

“Agustín Carstens has made a name for himself through his outstanding expertise and tireless commitment in the international financial world. Since 2017, he has been leading the Bank for International Settlements as General Manager through challenging times, elevating the cooperation between central banks worldwide to a new level in the face of a global pandemic and the return of high inflation. Of particular note, is the creation of the BIS Innovation Hubs, which were launched under his leadership in 2019 and now serve as central hubs for the development of new financial technologies and the promotion of innovation in central banks.

“Drawing from his experience as former Finance Minister of Mexico and Governor of the Banco de México, Agustín has significantly contributed to the stability and development of the global economy. His commitment to a modern, resilient financial architecture deserves the highest recognition. We at the Deutsche Bundesbank value his profound knowledge in macroeconomic issues and central banking. Carstens’ life’s work is an impressive example of global economic understanding and joint progress.”

Christopher Jeffery, Chairman, Central Banking Awards Committee, said:

“Agustín Carstens has consistently demonstrated his will to implement change based on his strategic vision, so having a profound effect on central banks and the role of money around the world. Most recently, this has taken form in the development of the BIS Innovation Hubs and his vision of a unified ledger and the ‘finternet’.”

Currency manager: Central Bank of the Philippines

The BSP has secured adequate stocks of banknotes in the wake of a shrinking supplier base, while transitioning to more secure and longer-lasting polymer banknotes. It has also collaborated with Bundesdruckerei, Banque de France and Note Printing Australia to address a wide range of current and future challenges.

Eli Remolona, Governor, Central Bank of the Philippines, said:

“We are honoured to receive Central Banking’s Currency Manager Award. Banknotes remain vital in our developing economy, and we’re committed to ensuring our people have enough of them and have faith in them. We innovate and collaborate with global partners to fulfil this mission. Thank you for this recognition.”

Christopher Jeffery, Chairman, Central Banking Awards Committee, said:

“The BSP’s partnerships developed for banknote production and transition to polymer notes exemplify proactive risk management, enhancing currency security and resilience against global supply chain and other disruptions.”

Corporate services: RBNZ’s data and information strategy

The Reserve Bank of New Zealand has executed a remarkable digital transformation, underpinned by its data and information strategy. Increased use of the cloud and careful data governance should unlock a host of benefits for the bank in the coming years. The team has also taken a ‘people first’ approach, ensuring the system would meet the needs of staff despite their diverse roles.

Christian Hawkesby, Acting Governor, Reserve Bank of New Zealand, said:

“We are honoured and very grateful to accept Central Banking’s Corporate Services Initiative Award and Green Award. These wins recognise our commitment to enabling economic wellbeing and prosperity for all New Zealanders and speak to our vision of ‘Great Team, Best Central Bank’ by being recognised among our global peers. I am extremely proud of our team for their dedication and hard work in championing these initiatives.”

Christopher Jeffery, Chairman, Central Banking Awards Committee, said:

“The RBNZ’s ambitious data and information strategy mark significant progress in data governance, enhancing the bank’s ability to glean insights for better decision-making.”

Initiative of the year: Bank of England

By revamping the website that provides instructions for regulated firms to provide supervisory submit data, the BoE’s user-centred service design team has greatly improved the user experience for firms. This has resulted in tangible efficiency gains in terms of the time and human resources spent by regulated entities on data reporting.

Clare Lombardelli, Deputy Governor for Monetary Policy, Bank of England, said:

“I am delighted the Bank of England has won the Central Banking ‘Initiative of the year’ award. Clearer reporting instructions means higher quality data. 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.”

Christopher Jeffery, Chairman, Central Banking Awards Committee, said:

“The BoE’s approach to transforming its statistical reporting website is a commendable example of how targeted improvements can lead to substantial efficiency gains.”

Global markets: Crown Agents Bank

Crown Agents Bank has successfully provided local currency services to developing-economy central banks, enabling them to meet government foreign currency payment obligations without depleting precious foreign exchange reserves. This has eased fiscal pressures and enhanced the management of foreign currency flows.

David Bee, Chief Commercial Officer and Executive Vice-president, Financial Markets and Banking, Crown Agents Bank, said:

“We are deeply honoured to receive this prestigious recognition from Central Banking. It underscores our commitment to providing essential local currency services to central banks, in fast-growing economies through our long-held partnerships, enabling them to navigate fiscal challenges and optimise foreign currency management. Crown Agents Bank remains dedicated to being a trusted partner in hard-to-reach markets.”

Christopher Jeffery, Chairman, Central Banking Awards Committee, said:

“Crown Agents Bank has emerged as a trusted partner for central banks in a growing number of developing economies, providing local currency services to help them meet payment obligations without tapping into their foreign exchange reserves.”

Technology services: Vermeg’s collateral management solution

Vermeg has collaborated with multiple central banks to facilitate faster and more reliable market operations. Notably, the introduction of Megara has significantly 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, Vermeg, said:

“This recognition highlights Vermeg’s dedication to empowering central banks with innovative and resilient solutions. Through close collaboration, we have helped institutions accelerate market operations and enhance collateral management. Megara’s deployment at a major North American central bank played a pivotal role in streamlining liquidity operations, reducing trade-processing times, and improving operational efficiency and resilience. Our team’s expertise and our product’s rich coverage have been instrumental in supporting modernisation efforts, including the successful launch of a Securities Lending Program. 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. We remain committed to driving efficiency, innovation and stability across global financial markets.”

Christopher Jeffery, Chairman, Central Banking Awards Committee, said:

“Vermeg’s flexibility and expertise were crucial in the Bank of Canada’s modernisation effort and supported the successful launch of its Securities Lending Program.”

Currency services: Koenig & Bauer Banknote Solutions

Koenig & Bauer Banknote Solutions has focused on helping central banks achieve efficiency savings and optimal banknote designs, while maintaining its role as the leading supplier of printing machines. It has also used cognitive neurology and perception science to work out which features of a banknote people rely on most.

Mark Stevenson, Market Development Manager, Koenig & Bauer Banknote Solutions, said:

“We are thrilled to receive this award, which recognises our dedication to working with central banks to ensure banknotes meet the evolving needs of all cash ecosystem stakeholders. This award validates our focus on using perception science to create inclusive and accessible banknotes for everyone. We believe banknotes have a strong future, and ensuring accessibility is crucial to that future.”

Christopher Jeffery, Chairman, Central Banking Awards Committee, said:

“Koenig & Bauer Banknote Solutions’ integration of cognitive science in banknote design reflects a thoughtful strategy to enhance usability. Overall, the company is helping central banks to achieve efficiency savings and optimal banknote design.”

Click here to view the awards.

Notes to Editors

1. Media copies of the citing articles are also available. Please contact Christopher Jeffery at: chris.jeffery@centralbanking.com or + 44 (0) 20 7316 9509; or Daniel Hinge at: daniel.hinge@infopro-digital.com or + 44 (0) 20 7316 9054.
2. Please click the following links to view the Central Banking Awards 2025, Central Banking Awards 2024, Central Banking Awards 2023, Central Banking Awards 2022, Central Banking Awards 2021, Central Banking Awards 2020, Central Banking Awards 2019, Central Banking Awards 2018, Central Banking Awards 2017, Central Banking Awards 2016, Central Banking Awards 2015 and Central Banking Awards 2014.
3. Since its foundation in 1990, Central Banking journal has been the only regular, independent publication for and about central banks. It is supported by an Editorial Advisory Board that includes the former governors of many of the world’s leading central banks, as well as Nobel Prize-winning economists.
4. Central Banking is read by subscribers in more than 140 countries.

Central Banking operates the Central Banking Institute, a membership club for central banks comprising Benchmarking, Insight and Professional Development