Central Banking Journal
Book notes: The art of monetary policy, by Kristin Forbes
The message that effective monetary policy-making requires judgement, flexibility and realism alongside technical expertise is both persuasive and highly relevant
Book notes: Everybody loves our dollars, by Oliver Bullough
The author poses serious questions about whether central banks’ activities are helping kleptocrats
Book notes: Money beyond borders, by Barry Eichengreen
Lessons from economic history indicate the dollar’s decline could result in a messy transition that spawns a global crisis
Sama’s Al-Sayari on financial resilience and the future of the riyal
The Saudi Central Bank governor speaks with Christopher Jeffery about the Middle East conflict, the transformation of the Saudi economy, improving prudential oversight and contingency planning, and the development of the fintech and tokenised ecosystem
Book notes: Can Europe survive? By David Marsh
Marsh poses important questions and cannot be blamed for failing to produce a roadmap to continental salvation
The evolution of central banks
Bank Negara Malaysia governor Abdul Rasheed Ghaffour writes that the roles and responsibilities of central banks are evolving in a changing landscape
Current threats to central bank independence
Improved communications, advocacy for tech oversight and international co-operation will help to address challenges posed by populism, excessive debt and new forms of money, write Gavin Bingham, Paul Fisher and Andrew Large
People: January to March 2026
A round-up of central bankers in the news and on the move during the past three months
Supply-side shock stuns central banks
The partial closure of the Strait of Hormuz raises fresh challenges for central bank policy-makers
Banknotes: January to March 2026
A round-up of news and salient issues that have affected central bankers in the past three months
Central Banking Awards 2026: the winners in full
Awards recognise extraordinary achievements in another challenging year for central banks
Lifetime achievement award: Mervyn King
The former BoE governor helped restore UK monetary policy credibility, played a central role during the global financial crisis, and has made significant contributions towards better bank oversight and economics
Digital currency initiative: eCurrency
eCurrency translates cultural context into CBDC design, informed by global experience
Financial market infrastructure – retail: ACI Worldwide
The payments company’s digital central infrastructure has played a key role in Colombia’s Bre-B roll-out as well as elsewhere
Financial services: Citi
The US bank has striven to provide clients with high-level advice as well as service breadth, technical expertise and execution
Currency manager: Central Bank of Curaçao and Sint Maarten
The central bank overcame a nine-year hiatus to launch the Caribbean guilder
Digital transformation award: Bank of Mexico
Banxico has replaced critical systems with ‘living’, adaptive, decentralised architecture
Reserve management initiative: World Bank Group Treasury’s uninvested cash view dashboard
The multilateral body has harnessed customer data to provide central banks with insights about potential lost earnings linked to parked cash and overdrafts
Central bank of the year: Central Bank of Nigeria
A return to policy orthodoxy under new leadership at the African central bank helped to bring Nigeria’s economy back from the brink
Payment services: CMA Small Systems
The Swedish technology company has played a critical role in supporting payment upgrades
Initiative of the year: Reserve Bank of India
By mandating a domain name for the country’s lenders, the RBI has struck a blow against cyber fraud