In recent years, the world has witnessed a notable rise in the number of female central bank governors. These women are leading monetary policy in diverse economies, from advanced industrial nations to emerging markets.
According to a recent report by the International Monetary Fund (IMF), the number of women serving as Central Bank governors has risen by 26 percent.
“Greater gender balance in senior positions may help increase the diversity of thought and checks and balances, in turn contributing to increased economic and financial stability and improved performance,” IMF research shows.
The report disclosed that small economies are making notable strides in this area, with recent appointments in Bosnia and Herzegovina and Papua New Guinea cited as examples of progress in gender balance. These developments reflect a broader trend where smaller nations are taking the lead in promoting women to key positions within their monetary authorities.
Here are some of the world’s female central bank governors:
Jasmina Selimović – Governor of the Central Bank of Bosnia and Herzegovina (CBBH)
On January 3, 2024, Jasmina Selimović was appointed as the first Female Governor of the Central Bank of Bosnia and Herzegovina (CBBiH) for six years.
Selimović was born in 1979 in Sarajevo. She graduated from the Faculty of Economics in Sarajevo in 2003. Since 2004, she has been employed at the Faculty of Economics in Sarajevo, at the Department of Finance, and at the Department of Quantitative Economics.
Read also: Women Central Bank governors increase by 26% as share remains low – IMF
She completed her postgraduate studies at the Faculty of Economics in Sarajevo, Business Economics, with an Actuarial and Insurance, major course. She did her doctoral dissertation in the field of actuarial science in the USA, and defended it at the Faculty of Economics, thus obtaining the title of Ph.D. in Economic Sciences.
Elizabeth Genia – Governor, Bank of Papua New Guinea
Elizabeth Genia was appointed as the Acting Governor of the Bank of Papua New Guinea from January – December 2023. And was fully reinstated by the Prime Minister and the PNG National Executive Council on 20 December, 2023 as the first female Governor of the Bank of Papua New Guinea for a term of four (4) years.
Genia is a Bachelor’s degree holder of Commerce from the University of PNG, a Master of Business Administration from the University of Queensland, Australia, a Graduate Award Certificate in Management and Organisational Change from Australian National University, Canberra and specialised studies sponsored by the Commonwealth Secretariat in Financial Technology and Innovation at Oxford University, United Kingdom.
With a strong commitment to continuous learning and development, Genia is an active member of several professional bodies, including the PNG Business Coalition for Women, for which she held a board position. Other Professional affiliations include Member PNGID; Member of PNGIA; Member of ILA; Member of PNGHRI; Member of ISACA; Member of AHRI; and Associate Member of AICD.
Michele Bullock – Governor of the Reserve Bank of Australia.
Michele Bullock commenced as Governor on 18 September 2023 as the Chair of the Reserve Bank Board, Payments System Board, and Council of Financial Regulators. Before her current role, she was the Deputy Governor of the Reserve Bank of Australia.
Born in 1963 in Melbourne. At approximately nine years of age, she moved to Armidale, New South Wales, where she attended Armidale High School.
After being accepted into medical study at the University of New South Wales, she switched to economics, graduating from the University of New England (UNE) with a Bachelor of Economics with honours in 1984. She has also studied at the London School of Economics, graduating with a Master of Science in 1989.
Gaye Erkan – Former Governor, Central Bank of the Republic of Turkey
Hafize Gaye Erkan, a Turkish-US citizen, in June 2023 became the first female governor of the Central Bank of the Republic of Turkey but later resigned on February citing a need to protect her family amid a “reputation assassination”.
Erkan was a graduate of Harvard Business School, she was also the managing director at Goldman Sachs and deputy CEO of First Republic Bank before becoming co-CEO of US real estate company Greystone.
Christine Lagarde – President, European Central Bank
Christine Lagarde is a French lawyer and politician who was the first woman to serve as France’s finance minister in 2007, as the managing director of the International Monetary Fund (IMF), and as president of the European Central Bank in November 2019.
Lagarde was educated in the United States and France. After graduating (1974) from the prestigious Holton-Arms girls’ college-preparatory school in Bethesda, Maryland, she studied at the Law School of the University of Paris X-Nanterre, where she lectured after graduation before going on to specialise in labour law, in which she obtained a postgraduate diploma (DESS). She also acquired a master’s degree in English.
Caroline Abel – Governor of the Central Bank of Seychelles
Caroline Abel, is the first appointed on March 14, 2012, becoming the first female Governor of the Central Bank of Seychelles was reappointed to serve her third tenure in March 2024 as Governor.
Abel was born in Anse Boileau, Mahé, Seychelles, where she completed her basic and secondary education. She is the daughter of Antoine Abel, Seychelles’ first playwright. She holds an undergraduate degree in Economics from the University of Leeds and a Master’s degree in monetary economics from the University of Glasgow respectively.
Her career began in April 1994 when she was employed as a senior bank clerk at the Central Bank of Seychelles. She served in several capabilities in the Central Bank of Seychelles before being appointed Deputy Governor of the bank.
Victoria Rodríguez Ceja – Governor of the Bank of Mexico
Victoria Rodríguez Ceja is a Mexican economist and civil servant. She has been the governor of the Bank of Mexico since January 1, 2022, and the first woman to hold the position.
Rodríguez Ceja was born in Mexico City in 1977. She began her career as a public servant in 2001 within the Government of the Federal District, during the leadership of Andrés Manuel López Obrador. From 2012 to 2018 she served as Undersecretary of Expenditure within the Ministry of Finance of the Federal District. From 2018 to 2021 she held the same position, but at the federal level, in the Ministry of Finance and Public Credit (SHCP). On December 2, 2021, the Senate of the Republic approved President López Obrador’s nomination of her to occupy the position of governor of the Bank of Mexico for the 2022–2027 period.
She holds a degree in economics from the Monterrey Institute of Technology and Higher Education (ITESM) and has a master’s degree in economics from El Colegio de México.
Elvira Nabiullina – Governor of the Central Bank of Russia
Elvira Nabiullina is a Russian economist and current governor of the Central Bank of Russia since June 2013.
She was President Vladimir Putin’s economic adviser from May 2012 to June 2013 after serving as the minister of economic development from September 2007 to May 2012. As of 2019, she was listed as the 53rd most powerful woman in the world by Forbes. She has the federal state civilian service rank of 1st class Active State Councillor of the Russian Federation.
Nabiullina was born in Ufa, Bashkir ASSR, on 29 October 1963 into an ethnic Tatar family. She graduated from school No. 31 of Ufa, followed by the Moscow State University Faculty of Economics in 1986. In subsequent years, she was selected for the 2007 Yale World Fellows program.
Jeanette Semeleer – Governor of the Central Bank of Aruba
Jeanette Semeleer is an Aruban economist who has been the president of the Central Bank of Aruba since 2008.
Semeleer joined the CBA in 1990, eventually leading several of its departments and becoming a member of its board in 2000. Before the CBA, she served as an advisor for Aruba’s Department of Economic Affairs as well as the Department of Foreign Relations. She is a 1984 graduate of the University of Toledo, where she studied economics.
Retselisitsoe Matlanyane, Governor, Central Bank of Lesotho
Retselisitsoe Matlanyane is the Governor of the Central Bank of Lesotho (CBL) and the first female Governor in the history of the bank since January 2012.
She holds a PhD in Economics with specialisation in macro-econometric and economy-wide modeling from the University of Pretoria, South Africa.
Retselisitsoe was named among the Inaugural List of 100 Most Influential African Women in 2019 by Avance Media.
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