Bank of Canada is not just central bank for 2018 but for all ages…

Centralbanking.com which has become the goto website for anything on central banks, released its award list for 2018. It is more like a please all list with several awards. One could have had fewer categories.

The central bank of the year is Bank of Canada. The award citation pays a good tribute to the central bank:

The Bank of Canada represents something of a benchmark for a modern-day, operationally independent central bank. It pursues its core areas of responsibility with exemplary openness and ability to challenge itself. There is a demonstrable effort to generate improvements and an energy to get the job done that is matched by few of its peers.

Whether it is for currency management, trials of distributed ledger technology (DLT) in clearing and settlement, efforts to reduce reliance on external credit ratings, the revamp of its headquarters and museum, or its constantly evolving communications and website, the Bank of Canada ranks as one of the world’s most closely watched central banks.

It a challenge to pinpoint any particular year that the Bank of Canada has really stood out. There is a consistency to its performance, whatever the outside events that it faces. 

But a critical factor in recognising its work during the past year was that the central bank undertook to determine whether or not its inflation-targeting mandate was still fit for purpose. This turned out to be a no-holds-barred inspection that should serve as a source of inspiration for other central banks.

The emphasised line sums it all. It is amazing how Canadian banking even without the central bank was a case of owners’ pride and neighbors envy. Lots of institutional history there..

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