The number of women serving as Central Bank governors has risen by 26% in the past year, according to a recent report by the International Monetary Fund (IMF).
This increase saw the number of female governors climb from 23 to 29, although they still account for just 16% of the leadership across the world’s 185 Central Banks, as highlighted in an April report by the Official Monetary and Financial Institutions Forum (OMFIF).
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The report underscores that while the appointment of women to lead central banks is at an all-time high, the current share remains far from achieving gender parity. Despite these advancements, women continue to face significant challenges in attaining leadership positions within central banks globally.
IMF research indicates that a greater gender balance in senior roles could lead to a more diverse range of perspectives, enhancing checks and balances, and potentially resulting in increased economic and financial stability. This, in turn, could improve overall performance within these institutions.
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.
This year’s 26% increase marks the most significant gain in over a decade of surveys. However, the IMF’s data reveal that Central Banks still have considerable progress to make in achieving gender parity among top policymakers guiding the global economy.
The challenges faced by women in central banking reflect broader struggles within the field of economics, where they continue to be underrepresented, even after years of gradual improvement.
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An IMF survey focusing on the European Central Bank (ECB) and its counterparts in the Group of Seven (G7) last year found that fewer than half of employees in these institutions were women. Moreover, only about a third of these women held positions as economists or managers, highlighting the partial success of policies aimed at eliminating gender disparities.
ECB Executive Board member Isabel Schnabel has emphasised the significant gender imbalance within the field of economics, expressing the institution’s commitment to addressing this issue among its staff. In a 2020 speech, Schnabel pointed out that the obstacles to gender equality are not insurmountable and suggested that mentoring opportunities and access to childcare could play a crucial role in reducing these imbalances.
The latest entries to the growing list of countries with female central bank chiefs came in January, when Jasmina Selimović was appointed to a six-year term in Bosnia and Herzegovina, and Elizabeth Genia assumed the top role in Papua New Guinea after serving as acting governor. Additionally, Michele Bullock made history last year by becoming the first woman to lead the Reserve Bank of Australia.
Other countries that appointed women as heads of their monetary authorities last year include Cambodia, Georgia, Moldova, and Montenegro, according to OMFIF’s 2024 Gender Balance Index.
