Perng Fai-nan earns hundreds of millions for Taiwan's central bank every year. (File Photo/Hung Hsi-lung)
Since Perng Fai-nan, governor of Taiwan's central bank, took office 14 years ago, he has since raised the central bank to become the hen that lays golden eggs. His prowess has earned him the nickname of "money-making brother."
According to the bank's latest statistics, its revenue surplus last year was NT$2.3 trillion (US$75.8 billion), an increase of more than NT$2 billion (US$6.67 million) from the previous year, reports China Times, our Chinese-language sister newspaper.
The figures show that since Perng took office in 1998, the central bank has earned NT$2.67 trillion (US$89 billion) for the national treasury so far, with average annual earnings of NT$190.7 billion (US$6.3 billion), marking his performance as an "unprecedented" achievement.
In his first year, the surplus was only of NT$87.486 billion (US$2.9 billion), up from the previous year's NT$50 billion (US$708 billion). Under Perng's guidance, the profits of the central bank kept growing, breaking through the NT$100 billion (US$15.07 billion) mark in 2000. In 2009, the bank reached NT$300 billion (US$10 billion), setting a new record in Taiwan's history.
Taiwan's central bank not only serves the traditional functions of stabilizing prices and promoting economic stability, but also has to balance the exchange rate of the Taiwan dollar, given that Taiwan is an export-oriented country. Most of all, the bank has to shoulder the pressure of contributing large sums to the national treasury.
As a banker who has been ranked "A-grade" eight times on the list of best central bankers published by Global Finance magazine, Perng is the steadfast money-making brother who seems capable of planning Taiwan's way out of any financial difficulty.
Hu Huaibang is commissioner of disciplinary inspection at the China Banking Regulatory Commission. He was educated at Jilin University and in 1999 received his doctorate from the Shaanxi Institute of ...