Governance
Governance Benchmarks 2025 report – independence amid turbulence
Benchmarks highlight pressures on independence but most say protections are sufficient
The Governance Benchmarks 2025 report reveals new detail this year on elements of central bank independence. Central banks generally gave their independence high scores across the board, but see greater problems with human resources, legal protections for officials and the range of their mandates. Elsewhere, the benchmarks highlight possible drawbacks in central bank capital frameworks that could expose some institutions to pressure. Wider data sheds light on board composition, governor salaries, audit processes and more.
Charts
Breaking down independence
The Governance Benchmarks 2025 breaks down central bank independence into 10 key areas, with independence rated one to five, with five being full independence. Average scores are high across the board, though some individual central banks report problems in particular areas.
For the full breakdown, use the benchmarking service’s interactive charts to explore the data.
Model banks analysis – Governance 2025
Data breakdown highlights independence pressures, capital frameworks and staffing challenges
Governance data
View the full breakdown of responses to the Governance Benchmarks.
Previous years
Governance 2025
Governance 2024
Governance 2023
Governance 2022
Governance 2021
Governance Benchmarks 2025 – model banks analysis
Data breakdown highlights independence pressures, capital frameworks and staffing challenges
Governance Benchmarks 2025 – executive summary
Data shows strong independence with threats in some areas, and sheds light on staffing, mandates and more
Governance Benchmarks 2025 report – independence amid turbulence
Benchmarks highlight pressures on independence but most say protections are sufficient
Central banks report high levels of independence
Institutions across regions and income groups report significant autonomy from political interference
Salary still poses greatest challenge for recruitment
Staff morale constitutes lowest constraint but is a concern for some central banks
Governance Benchmarks 2025 Charts
Take a deep dive into the Governance Benchmarks charts, which have just been released for 2025.
Over 40% of central banks lack formal recapitalisation agreement
Ten banks were recapitalised in the past year
Some central banks report pressure to change monetary policy
Central banks mention financial and political factors impacting independence
One in five central banks pays unrealised gains to government
Most central banks have a formal agreement in place for sharing profits with government
Two-thirds of central banks regularly audit policy processes
Internal and external audit functions are combined in most jurisdictions
Larger central banks more likely to have diversity policy
Boards with appointment powers more often focus on diversity
Most governing boards operate under charters
Strategy-setting and budget approval are boards’ top responsibilities