The Asia Sentinel reported the award has only ever been given out twice before, once to former US Central Bank Governor Paul Volcker and on another occasion to Jacques de Larosiere de Champfeu, former managing director of the International Monetary Fund.
In describing Zeti’s contributions, Central Bank Publications praised her for playing “a crucial role” in efforts to modernise Malaysia’s financial system and in helping make the country’s economy more developed, fair and stable.
She was also recognised for engaging in somewhat unorthodox but decisive strategies when Malaysia was plunged into the devastating financial crisis of the 1990s.
According to the Asia Sentinel report, Christopher Jeffery, Chairman of the Central Banking Awards Committee and Editor of Central Banking, said Zeti “first drew international attention for introducing exchange controls in Malaysia at the height of the Asian financial crisis, earning rebukes from officials at hedge funds and official institutions alike.”
The report also said: “She (Zeti) is also the leading role model for middle-income country central banks and has played an important part in improving governance, financial inclusion and Islamic finance in Southeast Asia and beyond. She is deeply respected among her global central banking peers.”
Central Bank Publications, which publishes the Central Banking Journal among others, lists on its editorial advisory board such financial experts as Donald Branch, former governor of the Reserve Bank of New Zealand; Lars Heikensten, former governor of Sveriges Riksbank; Robert A Mundell, professor of economics at Columbia University; Guillermo Ortiz, former governor of the Bank of Mexico; Kenneth Rogoff, professor of economics; Andre Sheng, former chairman of the Hong Kong Securities and Futures Commission; and a host of other notable figures.
Zeti is to receive the award on March 3 in a ceremony in London.