For the 7th time, BSP chief hailed one of the world's top central bankers
MANILA, Philippines – Bangko Sentral ng Pilipinas (BSP) governor Amando Tetangco Jr was hailed by New York-based Global Finance magazine as one of the world's top central bankers for the 7th time.
Tetangco again earned an “A” grade on Global Finance’s Central Banker Report Cards. Other central bank heads who received an “A” grade were from the Czech Republic, the European Union, India, Israel, Malaysia, Paraguay, Peru, and Taiwan. The central bankers of Colombia, Saudi Arabia, and the United States earned “A-” grades.
The Central Banker Report Cards, published annually by Global Finance since 1994, grade the central bank governors of nearly 75 key countries (and the European Union) on an “A” to “F” scale for success in areas such as inflation control, economic growth goals, currency stability, and interest rate management.
“A” represents an excellent performance down through “F” for outright failure.
“As our scores show, some central banks have fared better than others in devising such policies. Our grades also reflect the willingness of central bankers to stand up to political interference as well as their ability to influence government policies on spending and foreign investment,” Global Finance publisher and editorial director Joseph Giarraputo said.
The full Central Banker Report Cards 2015 report will be published in the October issue of Global Finance.
Top central banker
Tetangco became BSP governor in 2005 and has earned the feat of being named "world's top central banker" for the past 5 years since 2011. He also received the “A” grade in 2006 and 2007.
The first central bank governor to serve the BSP in two consecutive terms after being reappointed by President Benigno Aquino III in 2011, Tetangco's term ends in 2017.
A career central banker, Tetangco has been occupying different positions in the organization in a span of over 3 decades.
As BSP governor, he is also the chairman of the Monetary Board and the Anti-Money Laundering Council (AMLC). He is also the governor for the Philippines in the International Monetary Fund (IMF) and the alternate governor in the World Bank (WB) and the Asian Development Bank (ADB).
The international community itself has recognized Tetangco for his skills in conducting monetary policy and bank regulation.
BSP, under Tetangco's watch, is continuing to smoothen the volatility in the foreign exchange market, closing watching the external shocks, including the stock market crash in China on Monday, as well as the impending interest rate increase by the US Federal Reserve.
Tetangco also earlier said BSP will continue to monitor domestic and global developments to ensure the policy stance remains supportive of price stability in the country.
Central banks like BSP act to stop severe inflation or severe deflation to keep excessive growth of prices to the minimum possible. In July, the country's inflation rate plunged to 0.8%, the lowest in 20 years. (READ: July inflation hits 20-year low)
Global Finance, founded in 1987 and with a circulation of 50,050 and readers in 180 countries, said global economies are starting to recover.
“This comes despite a number of challenges, including a strengthening US dollar and the end of the Federal Reserve’s easy money policy. Central bankers remain crucial in overcoming these hurdles. Sound monetary policies can dampen the effects of currency swings and rising interest rates – and thus spur economic growth,” Giarraputo said. – Rappler.com