Central Banking Awards 2025
The winners of the 12th annual Central Banking Awards
The Central Banking Awards 2025 recognise excellence in a community that had faced significant policy and operational challenges amid prolonged inflationary pressures and rapid technological change. Many institutions have also made significant improvements in their governance, operations, communications, economics, currency, cyber, reserves and market infrastructure capabilities.
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Central bank of the year: Bank of Thailand
The Thai central bank has countered government interference while fulfilling its mandate and striving to future-proof the financial sector
Lifetime achievement award: Agustín Carstens
A driver of strategic change, respected in both emerging and developed economies
Governor of the year: Aleš Michl
The Czech National Bank head brought inflation down from 18% to 2%
Economics in central banking: Tobias Adrian, Nina Boyarchenko and Domenico Giannone’s growth-at-risk framework
The economists’ work on growth-at-risk has unlocked a host of options for risk-based policy-making
Digital transformation award: Reserve Bank of India
With the Pravaah and Sarthi systems, the RBI’s in-house developers have transformed the bank’s internal and external processes
Reserve manager: Bank Indonesia
The Asian central bank turned to agile reserve management after higher rates put its reserves approach at a crossroads
Currency manager: Central Bank of the Philippines
The BSP has made major efforts to secure supplies while switching to polymer
Risk manager: Bank of Italy
New credit assessment, ownership mapping and climate tools have helped to bolster risk oversight
Artificial intelligence initiative: International Monetary Fund
AI tool proves vital in third-party risk management as process becomes proactive and holistic
Communications initiative: Bank of Israel’s equalizer
Central bank publishes interactive data to facilitate consumer evaluation of banking services
Payment and market infrastructure development: Central Bank of Paraguay
Latam central bank has unleashed payments to expand Paraguay’s inclusion umbrella
Initiative of the year: Bank of England
Revamp of statistical reporting website streamlines data submission for financial firms
Transparency award: Bank of Portugal
Central bank upgrades website, bolsters financial education and internal communications using creative multimedia storytelling skills
Green award: Reserve Bank of New Zealand
World’s first independent central bank pioneers climate stress test for lenders
Financial stability initiative: Bank of Finland/Fin-FSA’s credit register and cloud-based analytics platform
Credit register and cloud-based analytics provide early warnings of potentially destabilising indebtedness
Corporate services: RBNZ’s data and information strategy
A major rethink of technology has transformed how the bank works and laid the foundations for future innovation
Regulatory technology services: FTS
Firm has helped the Central Bank of Oman and others to fix blind-spots in their risk-based AML/CFT supervision
Asset manager: Franklin Templeton
US firm offers ‘value beyond investing’ to central banks as it helps them to navigate geopolitical risks while keeping reserves intact
Global markets: Crown Agents Bank
Local currency service helps central banks meet payment obligations without tapping into reserves
Digital currency initiative: HSBC
The bank’s DLT platform Orion has facilitated advances in tokenised transactions
Cyber security initiative: SecAlliance
Intelligence built on a human network distinguishes SecAlliance’s threat actor reports and services
Partner initiative: Swift
Swift has advanced global CBDC and tokenisation network interoperability
Payment services development: Montran
US firm is supporting critical domestic and international instant payments efforts, including in Palestine
Technology services: Vermeg’s collateral management solution
Software provider enables Bank of Canada to conduct faster and more reliable market operations
Currency services: Koenig & Bauer Banknote Solutions
Swiss-based unit is helping clients with efficiency savings and optimal banknote design
Asset services initiative: World Bank
New AI tool accurately assessed bond terms to improve cash management for central bank clients
Payment services initiative: Financial Network Analytics’ Money Trails
Analytics firm has assisted the Malaysian authorities in combating fraud
