Central banks are facing increasingly complex challenges in conducting monetary policy and maintaining macroeconomic stability. The traditional role of central banks – ensuring price stability and the stability of the financial system – has become more demanding in the context of globalization, digitalization, and growing geopolitical uncertainties. Additionally, economic shocks, such as financial crises, pandemics, and energy crises, further complicate decision-making, requiring flexibility and innovation in the application of monetary instruments. Climate change and its economic effects are becoming increasingly significant for central banks, which are currently exploring the role of green monetary policy and sustainable finance. These developments highlight the need to expand the function of central banks – not only as guardians of price stability but also as drivers of sustainable development. One of the key challenges of modern central banking is balancing inflation and economic growth. After a prolonged period of relative stability, many economies are now facing rising inflationary pressures, placing central banks in a dilemma between implementing restrictive monetary policies and supporting economic activity. At the same time, the rapid development of digital financial technologies, including cryptocurrencies and central bank digital currencies (CBDCs), is reshaping traditional approaches to monetary policy and necessitating adjustments in regulatory frameworks. This paper analyzes contemporary challenges in central banking, with a particular focus on monetary policy in uncertain conditions, the digitalization of the financial system, and the impact of global economic changes on price stability and the financial sector. Understanding these challenges is fundamental for shaping effective policies that will ensure resilience and sustainable economic growth in the future.