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New Zealand’s Reserve Bank named central bank of the year
14 Jan 2015
The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice.
The RBNZ was the “stand-out central bank” of 2014 “after successfully using its macro-prudential powers to cool New Zealand’s housing market, while becoming the first advanced economy central bank to raise interest rates in the current cycle,” CBP chair Christopher Jeffrey said in a statement issued overnight in London.
He praised the RBNZ’s “joined-up approach to monetary and macro-prudential policy, excellence in communication and governance, updated risk management, improved supervision and upgrades to security.”
RBNZ governor Graeme Wheeler described the award as “humbling” and said 2015 would be a year of major challenges for central banks.
“We are likely to see more quantitative easing than at any time since 2011, with associated exchange rate pressures,” said Wheeler. “Markets will closely watch how central banks respond to falling oil prices, developments in the euro-zone, Russia and Greece, and the implications flowing from policy signals by the Federal Open Market Committee.”
CBP named the governor of the Reserve Bank of India, Raghuram Rajan, as central bank governor of the year for his stewardship of Indian monetary policy during the transition to power by the reforming government of Prime Minister Narendra Modi.
RBNZ Chair Comments on Central Bank of the Year Award
The Central Bank of the Year award given to the Reserve Bank of New Zealand is recognition of innovative work undertaken by the Bank to enhance its contribution to the New Zealand economy, Reserve Bank Chair, Dr Rod Carr, said today.
Dr Carr said that the Board of the Reserve Bank considered it an honour for the Bank to receive the award.
“The Bank has worked towards playing its part in steering the economy on a steady path, through recovery from the Christchurch earthquakes, strong but now moderating terms of trade, and despite house price pressures, a weak international environment, and a high New Zealand dollar. At the same time, it has implemented macro-prudential policy to moderate financial stability pressures from the housing market.
“The Bank has also taken on broader responsibilities for prudential supervision of insurance companies, and has initiated a programme to enhance the security of New Zealand’s banknotes.”
Dr Carr noted that the Bank has sought to broaden its communication and engagement with the community, enhance staff development, refine its governance, and build resilience through adoption of enterprise risk management.
“At a time when we recognise 25 years of inflation targeting, the Bank has shown its ability to keep innovating. The Board of Directors sees this award as validation of that work,” Dr Carr said.
“The Bank continues to evolve in response to changes in the international and domestic environment.”
Central Banking Publications is a financial publisher owned by Incisive Media specialising in public policy and financial markets, with emphasis on central banks, international financial institutions and financial market infrastructure and regulation.