When it comes to central banks, Thailand tops the list. A banking industry publication has named the Bank of Thailand Central Bank of the Year for 2025, citing the institution’s dogged independence, reforms of financial services and pursuit of long-term price and financial stability.

“Against a backdrop of heightened global economic uncertainty and a domestic economy beset by structural challenges, the Bank of Thailand (BoT) has deftly balanced its support of the economy with a strong commitment to long-term price and financial stability,” wrote the Central Banking magazine and website.

“The central bank has defended its autonomy in monetary policy decision-making, while at the same time spearheading a multi-faceted reform agenda to enhance Thailand’s financial services. The central bank’s overarching focus has remained steadfast: to safeguard stability while future-proofing the financial system,” Central Banking wrote.

The recognition solidifies the sterling reputation the Bank of Thailand has been able to rebuild and sustain since the financial crisis that roiled Asia and the word in 1997. The bank was blamed for helping to spark the crisis by mismanaging the Kingdom’s currency reserves. But misguided government policies, poor decision making by businesses and other factors also played major parts.

Since instituting sweeping reforms in the aftermath of the crisis, the BoT has been a model of prudence and consistency. Consequently, Thailand was able to weather the 2008-9 global financial crisis with less pain than many other countries.

Central Banking credited the BoT for its sober and steady approach in wake of the COVID-19 pandemic when inflation was on the rise. It praised the Bank for its measured approach to interest rates “in contrast to the aggressive tightening by many other central banks. 

“Underpinning the BoT’s strategy was the judicious judgement that the inflationary spike in Thailand was driven almost entirely by temporary supply factors that monetary policy could ‘look through’. This meant more weight could be given to supporting the economic recovery,” Central Banking wrote.

Consequently, Thailand was able to rebound relatively quick from the pandemic-forced shutdowns and border closings and achieve normal, steady growth without significant economic or social disruptions.

For its part in guiding the Kingdom towards that outcome, the publication awarded the Bank of Thailand the title of Central Bank of the Year. Well deserved.