Hailed for his regional leadership by former governor of the Central Bank of Brazil Alexandre Tombini, Carlos Fernández Valdovinos was named Central Bank Governor of the Year in the Central Banking Awards for 2017.
Valdovinos, governor of the Central Bank of Paraguay, was one of two individuals honoured alongside three world-leading market practitioners in today's (February 13) first tranche of award announcements.
Tombini said: "Valdovinos has established strong links with our country in his academic and professional life ... he has played a key role in fostering the dialogue among South American central bankers on critical issues in such challenging times."
Leo Krippner from the Reserve Bank of New Zealand picked up the Economics prize for his work on the effects of monetary policy at the zero lower bound. Krippner's work was praised by RBNZ governor Graeme Wheeler, who said the research would help to "to extend the understanding of the implications that unconventional monetary policy has for financial markets, exchange rates and the macroeconomy".
As part of "recognising excellence in the central banking community", Central Banking also honours services providers and partners who contribute to "furthering good practice within the profession".
Among these market practitioners, Calypso Technology was named Technology Provider of the Year (Risk Management) in Central Banking's new category. In its sister category, Vizor was awarded Technology Provider of the Year (Supervisory).
Meanwhile, payments giant VocaLink was named Payments and Market Infrastructure Provider of the Year, in large part for the firm's work with The Clearing House on creating a real-time payments system for the US.
Valdovinos has risen to be one of the big names in the central banking community this year. In a region that has struggled amid historically low commodity prices and political volatility, Paraguay emerged as a symbol of stability.
With an inflation rate that has been kept below the central bank's target for the past three years, the Paraguayan economy has evolved into Latin America's 'mini-China', becoming home to a host of businesses from its larger neighbours.
"Paraguay is not the typical recipient of such awards, but has started to draw the attention of the international community for its efforts and achievements related to sustainable growth," said Valdovinos on receipt of the award.
Federico Sturzenegger, governor of the Central Bank of Argentina, said Valdovinos has "earnestly striven to enhance the independence of the central bank". "He has contributed towards a sustained economic growth of his country, and made substantial progress in the direction of financial inclusion."
Central Banking Publications will be announcing the remaining 13 awards throughout the week.