Governor at the International Conference in North Macedonia

Governor of the Central Bank of Bosnia and Herzegovina, Jasmina Selimović, Ph.D., participated in international conference “Central Banks and Central Banking in a Highly Complex World: Demonstrating Commitment and Preserving Credibility“, organised on 01 October 2024 in Skoplje (the Republic of North Macedonia)by the National Bank of the Republic of North Macedonia in cooperation with Reinventing Bretton Woods Committee.

The conference gathered central bank governors from several European countries, and also high officials of international institutions such as the IMF, the World Bank, the European Central Bank, the EBRD and the European Banking Authority, with members of international academic community participating as well.

Within the conference, Governor Selimović participated in the panel discussion „Gender inclusive finance in the South East Europe region“ together with Governors of Central Banks from North Macedonia, Serbia, Montenegro and Moldova. The panel was focused on the increasing significance of financial inclusion as the responsibility of central banks. The significance of increasing financial inclusion of women and decrease of gender gap through gender sensitive financial policies and regulations was particularly pointed out.

„Gender equality is not only a moral and social obligation, but also a key issue for economic development. The role of women in economy and their financial inclusion are of key significance for achieving sustainable growth and stability. Our commitment to gender inclusive financial policies not only contributes to decrease of economic inequality, but also strengthens our economy as a whole“, Governor Selimović said.

According to the latest data from the World Bank's Global Findex database, which the Governor presented in the panel, there is evident progress in Bosnia and Herzegovina regarding the financial inclusion of women. According to these data, 70.37% of women aged 15 and over have an account in a financial institution, which is a significant shift compared to ten years earlier, when only 47.06% of women had such access. Despite this progress, these numbers are still small compared to other benchmarks. The labour force participation rate in Bosnia and Herzegovina reveals another area of ​​concern: in 2023, the participation rate for women was around 40%, compared to around 60% for men.

"Improving the participation of women in the workforce is not only a matter of economic necessity, it is a step towards ensuring equality and fairness in our society", the Governor stressed, adding that cultural norms and gender stereotypes continue to affect the financial inclusion of women, creating obstacles that are deeply rooted in tradition and geography.

At the end of the panel, it was concluded that although significant progress has been made in these areas, additional efforts are needed to address deep-rooted structural inequalities that limit economic opportunities for women and to ensure a fair sharing of economic benefits.

The Governors of the Central Bank of Bosnia and Herzegovina, Montenegro and the National Bank of North Macedonia held a meeting with the President of the Republic of North Macedonia, Gordana Siljanovska Davkova.