Perng the best central banker in '13: magazine
By Kathryn Chiu ,The China PostTAIPEI, Taiwan -- Central Bank Governor Fai-Nan Perng (彭淮南) on Friday won his 10th consecutive “A” rating and was named the world's best central banker over the last year by Global Finance magazine.
August 24, 2013, 12:00 am TWN
Global Finance magazine yesterday published its Central Banker Report Card 2013 naming the heads of only three central bankers across the globe as the World's Best Central Bankers over the past year.
Perng's Malaysia and Philippine counterparts, Zeti Akhtar Aziz and Amando Tetangco Jr., were also honored as the World's Best Central Bankers over the past year, in recognition of their achievement of an “A” rating on Global Finance's Central Banker Report Cards.
As the governor of the central bank, Perng's forte is keeping a balance between Taiwan's export and foreign exchange flexibility on one hand, and fostering economic growth and checking domestic inflation on the other, according to United Evening News.
In addition, the central bankers of Chile and the European Union earned “A-” ratings.
On the basis of his performance last year, the most powerful central banker on earth Ben Bernanke earned a “B+” rating, a gradual improvement from “B” in 2012 and “C” in 2011.
Oppositely, China's central banker Zhou Xiaochuan's rating slipped to “C” from “B-” in 2012 and “B” in 2011.
The Central Banker Report Cards, published annually by Global Finance since 1994, grades central bank governors of more than 50 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.) Subjective criteria also apply.
Career of “10A Governor”
According to Global Finance archive, Perng won his ninth “A” rating in 2012 with Taiwan's annual core inflation rate of 1.29 percent, unemployment rate of 4.3 percent and benchmark interest rate of 1.875 percent and was christened as “9A Governor” by Taiwanese media last year.
The newly earned “A” rating from Global Finance turned him into a “10A Governor” for local media outlets.
Perng took on the duty of Taiwan's central bank governor in 1998. In his career, spanning 14 years, Perng has also been hailed as a savior of the banking sector in Taiwan as he pulled it through two near-disastrous financial periods in 1998 and 2008 respectively.
Perng is rumored to be a workholic who works 364 days a year, taking just one day off for the Chinese New Year's Eve.
His career popularity reached its apex when he was highly regarded as a prime candidate for the premiership of Taiwan, and during President Ma Ying-jeou's administration, considered for the position of the cabinet head.