Sat, Mar 03, 2018 - Page 11 News List

Perng receives an award for lifetime achievement

STABLE GOVERNANCE:The former central bank chief earned praise for steering Taiwan through several global and regional crises that threatened its economy

Staff writer, with CNA

Representative to the UK David Lin, left, speaks on behalf of former central bank governor Perng Fai-nan, the recipient of the Lifetime Achievement Award for 2018, at the award ceremony held by Central Banking Publications in London on Thursday.

Photo: CNA

Former central bank governor Perng Fai-nan (彭淮南) has received a lifetime achievement award from the UK-based Central Banking Publications (CBP), the central bank said yesterday.

The CBP held a ceremony on Thursday in London to confer the award, with Representative to the UK David Lin (林永樂) accepting it on behalf of Perng, who was not able to attend the ceremony.

Perng retired on Sunday after serving as central bank governor for 20 years.

Lin also delivered an acceptance speech on behalf of Perng.

“I am deeply honored by the conferment of the 2018 Central Banking Publications Lifetime Achievement Award,” Lin said. “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.

Before Perng, only four central bankers had received the lifetime achievement award, including Donald Kohn, former vice chairman of the US Federal Reserve System, 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 had navigated a relatively conservative course during his time as central bank head, building strong foreign-exchange reserves while resisting calls to intervene aggressively to keep the local currency weak and boost exports.

Perng said in his speech that 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 remains effective, Perng said.

After his time heading the central bank, Perng said he has a deep understanding of “the art of central banking.”

“It takes years of hard work, dedication and experience to be able to implement effective policies with speed and conviction when necessary,” he said.

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.

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