The UK think tank Official Monetary and Financial Institutions Forum (OMFIF) in its annual report on Gender Balance Index in the financial institutions published on Monday released a special presentation of the Governor of the National Bank of North Macedonia Anita Angelovska Bezhoska.
In the presentation, she referred to the importance of gender equality for the productivity and performance of economies, commenting on the current situation globally, the National Bank said in a press release.
“Almost half of the global working age population are women, but only 50% of those are participating in the labour force. We are all born with the same potential, but disparities in access to education, healthcare, finance and technology, legal rights and social and cultural factors constrain women from reaching their full potential. The pandemic has created additional challenges for women as they are more likely to be involved in the most affected segments of the economy, especially informal work,” she underlined.
“Unequal opportunities lead to lost productivity and growth. The economic loss is estimated to range from 10% of gross domestic product in advanced economies to more than 30% in low-income countries. This should not surprise us, as research suggests that having more women active in the labour market brings economic benefits. Women have different skills and inclinations, such as risk aversion, thoughtfulness and pragmatism,” she stressed.
Research has also revealed that gender diversity on boards of banking supervision agencies leads to greater financial stability. Yet, as this report shows, one-sixth of central banks have no women in senior positions. Only 18 central banks globally are headed by a woman and only 16% of central banks reserve seats for women on their board of directors or monetary policy board. There is a long way to go, she added in the presentation.
Angelovska Bezhoska also underlined that at the central bank, the gender structure is in favour of women, who make up 57.7% of the workforce. The presence of women in management positions is also apparent with a share of 68.4%, including two vice governors. This is thanks to the recruitment and promotion policy based on performance and skills, she noted.
“Therefore, empowering women means providing equal and undisrupted access to education, finance and relief from cultural and social barriers,” Angelovska Bezhoska said, adding as Ursula von der Leyen points out in the European Commission’s ‘Gender Equality Strategy 2020-2025’: ‘In business, politics and society as a whole, we can only reach our full potential if we use all of our talent and diversity. Using only half of the population, half of the ideas or half of the energy is not good enough.’
She expressed confidence that with support and access, women will lift up the potential of the economy and increase the wellbeing of our society.
Less than 1 per cent of central banks, sovereign funds, public pension funds and commercial banks have achieved gender balance within their workforces, according to a comprehensive survey by Official Monetary and Financial Institutions Forum (OMFIF).
In the most comprehensive study to date of diversity in the top levels at central banks, sovereign funds, public pension funds and commercial banks, only three out of 540 institutions achieved a perfect GBI score of 100. Just 12 of these – or 2.2% – scored 90 or more, a level that indicates the institution is close to achieving balance.
The conclusions are clear: lack of diversity in the field is a structural, persistent problem. Progressive policies are needed to correct the historic under-representation of women and level the playing field. And, while more balanced talent pools bring hope, the issue will not go away by itself, according to the OMFIF survey.
