Zeti honoured with Lifetime Achievement Award

Governor of Bank Negara Tan Seri Dr. Zeti Akhtar Aziz giving briefing on the 2nd quater economic review. AZHAR MAHFOF/The Star (13/8/2015)

KUALA LUMPUR: Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz, who has led the central bank for 15 years, has received the Lifetime Achievement Award at the Central Banking Awards 2016 in recognition of her leadership.

Central Banking Journal publisher Incisive Media, whose editorial staff and advisory board members judged the awards, said on CentralBanking.com that Zeti had led Bank Negara since 2000 and during her 30-year tenure at the central bank, she had played crucial roles in addressing the Asian financial crisis in the late 1990s, as well as leading the charge on Islamic finance and financial inclusion in Malaysia and beyond.

Central Banking Awards committee chairman and Central Banking editor-in-­chief Christopher Jeffery highlighted her introduction of exchange controls at the height of the Asian financial crisis, noting the opposition from both official and private institutions. 

“History looks set to judge her more favourably than her critics and, over time, the International Monetary Fund has moved closer to Zeti’s way of thinking.

“Zeti was the leading role model for middle-income country central banks,” said Jeffery.

Zeti follows in the footsteps of Jacques de Larosière and Paul Volcker, who received the lifetime achievement award in 2015 and 2014, respectively. 

“It has been my privilege to be part of the central banking community to deliver the best outcomes for our respective jurisdictions in what has become a more interdependent world,” Zeti said when accepting the award.

“The recent three decades have seen central banks at the forefront in the management of a more highly challenging economic and financial environment,” she said. 

Looking ahead, Zeti said that a “major challenge” for central bankers would be “maintaining an effective interface with the Government and other public institutions in restoring financial stability and growth ­while preserving the autonomy and independence of the central bank”.

Zeti also noted the greater role for central banks in maintaining financial stability.

“Ensuring greater transparency and greater clarity will help avoid confusion and allow central banks to perform their financial stability mandate unhindered.”