In my third six-year term as governor of the National Bank of Serbia, I’ve remained steadfast in my belief that true strength lies in the individual, regardless of whether they are a woman or a man. While it is wrong not to promote someone only because that person is a woman, I believe it is equally wrong to offer an opportunity only because that person is a woman.
Statistically speaking, central banking is still a man’s job. Yet, in Serbia, the situation is much better. I take pride in being recognised as an institution that has made equality a cornerstone of its success. At the NBS, equal rights, equal opportunity and mutual respect for everyone are not just values, they are the foundation of career advancement.
Having this commitment to gender equality has made the NBS a standout example of both a women-led and women-dominated central bank. This did not come as a consequence of gender quotas. It is the outcome of a merit-based system where women have proven themselves to be equally, if not more efficient than their male counterparts. But what are the numbers telling us?
The number of women at the NBS has been steadily on the rise since 2013. Today, women make up over 57% of our workforce. A great number of women hold senior positions, including that of governor and vice-governor, making up 60% of the executive board. Close to 59% of the total number of managers are women, up by 8 percentage points compared to end-2013.
In 2024, we saw an impressive rise in women actively pursuing professional development and training in order to broaden their expertise. Equality of opportunity is also evident in the average job coefficients for both genders, with employees and managing staff equally represented. In accordance with the Law on Gender Equality, we also introduced the Risk Management Plan for Violations of the Gender Equality Principle.
But equality goes far beyond that. When hiring and promoting, we assess candidates based on all aspects – including their qualifications and potential – not their gender. Whether you’re a woman or a man, the work is the same. At NBS, we have cultivated a healthy, inclusive working environment, where everyone is encouraged to share their ideas and know that their word matters.
Our policies are crucial in nurturing this positive work culture. For instance, the bank provides a one-time financial assistance in case of a childbirth or child adoption. We also offer options such as remote work and flexible hours, which have proven vital in helping women achieve a better balance between their work and family obligations.
After 13 years at the helm of the NBS, I have some advice on achieving gender balance in financial institutions. First, gender is only one of the many dimensions of diversity that we must all value. Second, society should not make a simple choice between men and women – we should be supporting the best in each other, regardless of gender. Third, while the world should do more to empower women, opportunities must be granted to those who have the right knowledge and skills. And lastly, society can reach its full potential when we fully leverage the talent and diversity around us. Institutions cannot thrive if hard-working and talented people cannot imagine themselves in senior leadership positions.
At the NBS, as well as in Serbia, our regulations are gender-supportive. There are many opportunities available, but we must recognise and use them. The system cannot do that on our behalf – we must take the initiative and create the opportunities ourselves. Each of us has the power to motivate and inspire others with our own experiences – and for that, we do not need regulations.
As for central banks, the best contribution we can make is delivering stability and predictability. At the NBS, the dominance of women in key roles is a reflection of their capability and performance. Through generations, much has been done to raise social awareness about the importance of basic human rights, not just special women’s rights. It is the collective responsibility of society, and each individual, to uphold these principles.
Jorgovanka Tabaković is governor of the National Bank of Serbia.
Tabaković is a keynote speaker at the launch of the 2025 edition of OMFIF’s Gender Balance Index in 16 April. Register to attend and view the report.
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