RBNZ, RBA, Bank of Canada Form Network to Foster Indigenous Inclusion

Other central banks are encouraged to join the network, which will serve as a community of practice to share knowledge and foster indigenous inclusion.

The RBNZ (Reserve Bank of New Zealand), RBA (Reserve Bank of Australia) and Bank of Canada have formed a voluntary network along with indigenous partners to foster ongoing dialogue as well as raise awareness of indigenous economic and financial issues.

According to a joint statement, the network was established in January this year, and is known as the Central Bank Network for Indigenous Inclusion.

In discussions so far, indigenous partners drew on their oral histories and contemporary economic experience to guide discussion and confirmation of the network’s aims, which are to:

  • Conduct research for and with Indigenous Peoples on economic issues, including the development of best practices, such as using Indigenous data respectfully.
  • Build cultural awareness, recruitment practices and other aspects of corporate culture to foster Indigenous inclusion within Member organisations.
  • Strengthen engagement practices with Indigenous groups and communities.
  • Support economic or financial education for and about Indigenous Peoples.

The network serves as a community of practice to share knowledge and will not aim to set or take policy positions.

A recurring Central Bank Symposium on Indigenous Economics will be planned, with the first symposium being hosted by the Bank of Canada in late 2021.

The chair of the network will rotate annually, with the RBNZ serving as chair in 2021.

RBNZ governor Adrian Orr said the central bank will be a strong advocate for indigenous economic issues in New Zealand and aim to role-model good leadership internationally.

Other central banks are encouraged to join the network.

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