Central Banking Awards 2026: first winners announced

Jerome Powell, chair of the board of governors of the Federal Reserve System, was named governor of the year today (March 10), as Central Banking published the first of four tranches of its annual awards. 

Now in their 13th year, the Central Banking Awards recognise outstanding achievements in the central banking community, from the institutions themselves to their commercial partners. The Central Banking team has spent several months reviewing pitches, conducting interviews and contacting referees to narrow down a fiercely competitive field. 

As well as Powell being named governor of the year, the first group of winners recognises the Central Bank of Philippines (BSP) for its reserve management and the Central Bank of the United Arab Emirates (UAE) for risk management. HSBC, Crown Agents Investment Management (CAIM), Amundi and the Latin American Reserve Fund (Flar) received awards for services to central bank clients.

Governor of the year: Central Banking says Jerome Powell has demonstrated extraordinarily high levels of integrity and resolve in upholding the Federal Reserve System’s public duty to pursue price stability and maximum employment for the good of the American people, during the past year. He has done this, despite highly personalised attacks and clear attempts to unduly influence Fed policy from the US executive.

The awards wite-up mentions that Powell’s actions have provided critical reassurance regarding the Fed’s ability to set monetary policy independent of political interference, providing confidence to stakeholders that collectively represent the US dollar financial system.

Powell has focused relentlessly on bringing non-partisan technical analysis to bear on promoting progress toward the goals in the Fed’s dual mandate, the article states. This has taken place during a time of fluctuating tariff policy, a diminution of the labour force and inflation stubbornly above the Federal Reserve’s objective. 

The Fed chair has maintained open lines of communication with legislators of all parties, making sure they understood the Fed’s perspective. He steadfastly refused to be goaded into an open argument with president Donald Trump until the executive’s actions increased to such a degree as to threaten Fed independence. He then called those actions out, thereby rallying support for the Fed to pursue its mandate, the write-up states.

“Jerome Powell has faced up to multiple attacks – including the most significant threats to the Fed’s operational independence in more than 40 years – in a calm and dignified manner, all the while keeping the Fed functioning effectively and maintaining the integrity of the policy process, including completing the Fed’s policy review,” says Christopher Jeffery, chairman of the Central Banking Awards Committee.

Overall, the article says Powell’s actions have provided critical reassurance regarding the Fed’s ability to set monetary policy independent of political interference, providing confidence to stakeholders that collectively represent the US dollar financial system. 

Reserve manager: The BSP was recognised for modernising its approach to reserves management across multiple areas during the past year. Changes included upgrading its strategic asset allocation framework, deploying active risk-management techniques, diversifying reserves, internalising investments in new asset classes, updating external fund manager rules, changing its gold management and improving responsible investing guidelines.

Eli Remolona, the BSP governor, says the award reflects the bank’s disciplined stewardship of international reserves. “We continue to be prudent, risk-based and forward-looking in our reserve management,” Remolona says. “This is a vital step toward safeguarding price and financial stability.”

Risk manager: As operational risk management rises in strategic importance, central banks across the globe are actively considering how their risk management frameworks should be updated.

Many of these reviews have focused on isolated departmental improvements, but the Central Bank of the UAE has attempted something more radical: a single integrated view of risk right across the organisation. The consolidated approach has enabled a 360-degree perspective across departments and units, allowing the bank to identify previously undetected gaps in internal controls related to cross-functional processes.

“This recognition reflects the Central Bank of the UAE’s commitment to integrating digital innovation with robust methodologies,” says Khaled Mohamed Balama, governor of the Central Bank of the UAE. “Embedding AI in our operational risk framework enhances proactive supervision and reinforces our role in shaping global regulatory practices and safeguarding financial stability.” 

Asset services initiative: In a year marked by geopolitical headwinds, the rise of artificial intelligence and a backdrop of structural changes, asset prices have broken previous patterns.

In such an environment, central banks need a credible partner that can help to safeguard the value of their assets. With its experience in managing a wide range of asset classes and navigating less predictable markets, HSBC has stood out as the partner of choice for many institutions, with special praise made related to its gold custody and securities lending services, Central Banking says.

“We are delighted to receive this award recognising our expanding custody and securities lending footprint with central banks and other sovereign investors,” says Fiona Horsewill, global head of securities services at HSBC. “In an environment of fast-evolving geopolitics and technology, HSBC is uniquely positioned as a trusted partner.”

Asset manager: CAIM, meanwhile, has implemented a specialised SDR-based investment solution at three central banks on three different continents after the International Monetary Fund increased special drawing rights (SDR) allocations in 2021. The programme benefited central banks that needed to use the funds for immediate economic support.

CAIM has also helped these and other developing-economy institutions through tailored learning programmes and training, offering a personalised touch that clients continue to appreciate to this day.

“We’re delighted to have been recognised for creating and delivering innovative investment solutions for our central bank partners,” says Roberts Grava, chief executive of CAIM. “It’s truly a team effort from everyone at CAIM, and those that support us.”

Partner initiative: Amundi and Flar have jointly developed a fixed-income exchange-traded fund (ETF) that aligns with environmental, social and governance (ESG) criteria. This has enabled monetary authorities, such as the Central Bank of Uruguay and the Bank of Mexico, to diversify their portfolio and get exposure to sustainable investment.

Central Banking says the Amundi-Flar partnership exemplifies a structured and transparent approach to innovation in public-sector investing, delivering a tailored solution that meets the evolving needs of central banks, promotes responsible investment practices and supports long-term financial resilience.

“Our partnership with Flar demonstrates how innovation, sustainability and public sector collaboration can reshape reserve management,” says Jean-Jacques Barberis, head of institutional and corporate division at Amundi.

He adds: “We have delivered a transparent, ESG-aligned investment solution designed for central banks, opening access to a new asset class and setting a new standard for responsible financial stewardship.”