Skip to main content
The Globe and Mail
Support Quality Journalism.
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
Just$1.99
per week
for first 24 weeks

Enjoy unlimited digital access
Enjoy Unlimited Digital Access
Get full access to globeandmail.com
Just $1.99per week for the first 24weeks
Just $1.99per week for the first 24weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); } //

The Bank of Canada is looking to improve how it researches and analyzes economic issues relating to Indigenous communities as part of a joint initiative with the central banks of New Zealand and Australia.

The three monetary authorities announced a Central Bank Network for Indigenous Inclusion on Tuesday. The aim of the “voluntary network” is to give central bankers a place to share ideas about improving Indigenous recruitment and inclusion within their own organizations, and to share “best practices” for collecting and analyzing data related to Indigenous economic issues.

“The Bank of Canada wants to better understand the Indigenous economy and the obstacles and opportunities that Canada’s Indigenous peoples face,” Bank of Canada Governor Tiff Macklem said in a news release.

Story continues below advertisement

“Our membership in this network provides us with an invaluable opportunity to learn from each other, to forge stronger bonds with Indigenous communities and contribute to making our workplaces and policies more inclusive,” he said.

Around 1.5 per cent of the bank’s roughly 1,800 employees self-identify as Indigenous, the bank said.

The mandate of the new network is limited. It is described in the news release as “a community of practice,” which “will not aim to set or take policy positions.”

Nonetheless, Manny Jules, chief commissioner of the First Nations Tax Commission, sees the network as an important platform for improving economic and public policy decision making related to Indigenous communities.

Mr. Jules, who began advocating for the network in 2019 as part of the Tulo Centre of Indigenous Economics, said the bank and other government agencies need to do a better job collecting economic data on First Nations communities. As an example, he pointed out First Nations governments are not included in the official Government Finance Statistics, which track federal, provincial and local governments.

“We’ve got to get the mathematical formulas to inform better programs for First Nations, and to find better ways to fix the economic problems that we’ve got,” Mr. Jules said.

Miles Richardson, chair of the National Consortium for Indigenous Economic Development at the University of Victoria, said the network was a welcome development that could open the door to greater Indigenous participation in all levels of the economy.

Story continues below advertisement

“The [financial] institutions of these countries have denied the existence of Indigenous people as unique societies … and have not accounted for our values and what drives us. And that’s really shut the door on Indigenous inclusion,” said Mr. Richardson, a member of the Haida Nation.

“This dialogue has the promise to open the door a bit and see what we can do with it.”

The new bank network reflects growing international awareness of inequities in the financial system, said Jeffrey Cyr, managing partner of Raven Indigenous Capital Partners, an investment fund focused on Indigenous entrepreneurs.

“Having the Bank of Canada leading the charge to change how things are done, I think it is a really important shift in thinking,” he added.

Ideally, he said, the network would result in targets in specific areas, including the number of Indigenous employees and executives, loans to Indigenous businesses and services to remote or low-income communities.

The network will plan a “recurring” symposium on Indigenous economics. The first event will be held by the Bank of Canada later this year.

Story continues below advertisement

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow the authors of this article:

Follow topics related to this article:

View more suggestions in Following Read more about following topics and authors
Report an error Editorial code of conduct
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies