Retiring Central Bank Gov. Perng Fai-nan’s 43 years of outstanding public service and many contributions to promoting Taiwan’s financial stability and economic development are deeply appreciated by the country, Premier Lai Ching-te said Feb. 22.
 
During his 20 years at the helm of the Central Bank, “Gov. Perng adopted flexible monetary and foreign exchange policies and advanced forward-looking reforms to the nation’s financial system,” Lai said.
 
According to the premier, under Perng’s leadership the Central Bank responded swiftly and decisively to the myriad challenges Taiwan has faced over the past two decades, including the Asian financial crisis in 1997, massive earthquake that struck Sept. 21, 1999, and U.S. subprime mortgage collapse and subsequent global financial meltdown.
 
During the two financial crises, the bank adopted effective monetary measures to inject liquidity and soothe the foreign exchange market, Lai said, adding that these actions helped soften the blow on Taiwan and accelerate the country’s economic recovery.
 
Taiwan’s longest-serving central bank head, Perng has garnered acclaim worldwide for his innovative financial policies, as evidenced by the many accolades he has received over the years.
 
These include the lifetime achievement award at the 2018 Central Banking Awards organized by London-based Central Banking Publications last month in the U.K. as well as the Central Banker of the Year, Asia award by London-headquartered The Banker magazine in 2009. Perng is also the first person to earn “A” ratings in 14 editions of the annual survey of central bank leaders by New York-based Global Finance magazine.
 
After retiring Feb. 25, 79-year-old Perng will be succeeded the following day by his deputy Yang Chin-long, who will begin a five-year term as governor. Yang, 64, who earned a doctorate in economics from the University of Birmingham in the U.K., has worked at the Central Bank for nearly 30 years. (SFC-E)

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