Singapore's central bank lauded for its efforts in maintaining monetary and financial stability over the year in review, and establishing itself as a pioneer of technology and financial research.
The Monetary Authority of Singapore (MAS) has been named the central bank of the year by U.K.-based journal Central Banking in its 2019 awards, the publication announced on Wednesday.
According to Central Banking, MAS has «displayed an enviable track record for monetary and financial stability, implements coherent financial system oversight as a ‘super-regulator’, and has emerged as a pioneer in creating a framework to facilitate next-generation technological and financial innovation».
While the publication highlighted criticism of MAS not being independent of the government, it noted the lack of government pressure on the central bank, and that «close dealings with a technically and strategically competent government can also have its benefits». It also pointed out the substantial progress made by MAS in improving its supervision, resolution, anti-money laundering, enforcement, data analytics and technological oversight capabilities.
Recognizing Excellence
The winners of the 2019 awards include the Bank of Israel's Karnit Flug (bank governor of the year), Bank of Mexico (reserve manager of the year), HSBC (global markets award), State Street Global Advisors (asset manager of the year).
The Central Banking awards «recognise excellence in a community facing price and financial stability challenges that need to be met and effectively communicated, while prudently embracing technological change in financial services, data, reserves and currency management».
The awards were headed by Central Banking Awards Committee chairman Christopher Jeffery and judged by a panel comprising members of the Central Banking editorial team and editorial advisory board.
