Former central bank governor wins lifetime award from CBP

Taipei, Perng Fai-nan (???), former governor of Taiwan's central bank, received a Lifetime Achievement Award from the prestigious U.K.-based Central Banking Publications (CBP), the central bank said Friday.

The CBP held a ceremony to present the 2018 Central Banking Publications Lifetime Achievement Award in London Thursday, conferring the award on Perng, who retired on Feb. 25, after almost 20 years as governor of the central bank.

Since Perng could not attend the ceremony in person, Taiwan's representative to the United Kingdom David Lin (???) received the award and delivered an acceptance speech on behalf of the well-respected former central governor.

"I am deeply honored by the conferment of the 2018 Central Banking Publications Lifetime Achievement Award," Perng said in the speech. "It is a great privilege to be chosen by the distinguished Awards Committee, a constellation of prominent economists and central bankers."

The CBP issued a statement in January, announcing its intention to award Perng the lifetime achievement award.

Perng said in the speech he was blessed to have received notification of the award one month before his retirement, ending his career with one final flourish.

Before Perng, only four central bankers had received the lifetime achievement award, including Donald Kohn, former vice chairman of the Federal Reserve System in the United States, and Zeti Akhtar Aziz, former central bank governor of Malaysia.

"Perng had governed Taiwan's central bank for over two decades, during which the island endured a remarkable period of stability, despite a number of global and regional disruptions threating its economy," CBP said in a statement.

Perng has navigated a relatively conservative course during his nearly 20 years as Taiwan's central bank head, building strong foreign exchange reserves while resisting calls to intervene aggressively to keep Taiwan's currency weak and boost exports.

In August 2017, Perng was again named among the world's top-tier central bankers by New York-based Global Finance magazine, receiving an "A" grade for a record 13th consecutive year and the 14th time during his illustrious career.

In his speech to the CBP award ceremony, Perng said Taiwan is a highly open small-scale economy so its central bank has to adopt a floating foreign exchange rate regime to ensure foreign exchange policy is flexible.

In addition, Taiwan's central bank should implement appropriate capital flow management, when necessary, to ensure monetary policy remain effective, Perng said.

After his time heading the central bank, Perng said he has a deep understanding of "the art of central banking" adding: "It takes years of hard work, dedication, and experience to be able to implement effective policies with speed and conviction when necessary."

Perng said the lifetime award from the CBP is a great honor and inspiration to him and his colleagues at the local central bank and represents international recognition of the effort made by all the people in Taiwan.

Yang Chin-long (???), Perng's deputy, has been appointed the new governor and the market widely expects him to follow in Perng's footsteps by ensuring the central bank adopts a stable monetary policy.

Founded in 1990, CBP is a financial publisher that specializes in public policy and financial markets, with emphasis on central banks, international financial institutions and financial market infrastructure and regulation.

Source: Focus Taiwan News Channel