Jorgovanka Tabaković: Achieving gender equality in financial institutions
Address by Dr Jorgovanka Tabaković, Governor of the National Bank of Serbia, at the conference "For more transparent, equitable, and efficient budgets: comparing local and international experiences and challenges in gender equality auditing", organised by the State Audit Institution, Belgrade, 28 May 2025.
The views expressed in this speech are those of the speaker and not the view of the BIS.
Dear colleagues and friends,
I will begin with an opinion that I openly share, with everyone and everywhere – I strongly oppose any form of division because I believe, as I just mentioned in a brief personal note shared with you – man is above everything else. I do not believe in quotas because I know that all of us – women – have reached the positions we are in because of our achievements, not because of our sex.
Serving my third six-year term as the Governor of the National Bank of Serbia, I still firmly believe that true strength lies in the individual, regardless of whether it is a man or a woman.
They say, "The world can do without women, but it cannot do without mothers." But I must add: Mothers would not exist without fathers. The world needs all of us.
In central banking, male governors prevail. However, I believe we are seeing positive changes in this field, to which the National Bank of Serbia is undoubtedly contributing. We are an example of a central bank with the predominant share of women. According to the Gender Equality Index for 2025 by OMFIF, the Official Forum for Monetary and Financial Institutions, the National Bank of Serbia ranked a high seventh place for gender equality among central banks.
For me, this is a victory, because such result did not stem from gender quotas. It was a natural outcome of an environment of equal opportunities in which women have shown that they are just as effective as men, if not more so, and they very often are. Just as I believe it is wrong not to promote someone simply because they are a woman, I also believe it is equally unfair to offer someone an opportunity just because they are a woman. The job is the same, regardless of whether you are a woman or a man. I am proud that we have been recognised as an institution that has based its success on equality.
We have built a healthy working environment, and our colleagues have the freedom to present their ideas, for others to see and hear, and to know that their words are valued and appreciated. My colleagues are experts with extensive experience, regardless of their sex, and they are individuals who are ready to give their best and grow together with our institution. I dare say that we have built an institution with true equality that offers everyone equal rights, equal opportunities, and respect.
I have also accepted the position of governor as a duty to do good and useful things for our citizens and the state. I strive to prove that it is possible to be responsible and just. The life principles of those who want to do good must be – I have done it, not I wanted to. Results, not excuses.
Considering that I have been at the helm of the National Bank of Serbia for 13 years, I would like to share our experience in achieving gender equality in financial institutions. First, sex is just one of the dimensions of diversity that we must all value. Second, society does not face a simple choice between women and men; instead, we should always strive to support the best in others, regardless of a person's gender. Third, it is true that the world should empower women, but the opportunity should be given to those who possess the right knowledge and skills. And finally, society can reach its full potential if we use all talent and diversity. Institutions cannot reach their best capacity if hardworking and talented individuals do not see themselves in higher leadership positions.
As for central banks, we give our best contribution by ensuring stability, as prescribed by law. The fact that women prevail in key positions at the National Bank of Serbia is a reflection of their abilities and performance. Through generations, much has been achieved to raise social awareness about the importance of human rights, not only women's rights, but especially them. It is a collective obligation of society, as well as of each individual, to follow these principles.
I know that such a balanced and modern approach has made a significant contribution to the great success that the National Bank of Serbia is today achieving in fulfilling its mandate as an institution.
What I want to conclude with, and you don't have to agree with me, but I have enough years and experience to know that I am speaking the truth: All the men who were loved by the mothers who gave birth to them, who loved the women they married, also loved the daughters they had. These people are three times blessed. I wish every man to be blessed in this way because such a man will know how to support the human in a woman. And every man who has a sister knows how to appreciate his female colleague and to be supportive of each other. Theories, goals, thoughts and visions are one thing, but what truly matters is what we carry in our blood, upbringing, and the roots from our own family.
I want you to preserve the best in yourselves, self-respect and respect for others. Because only in this way do we achieve results. I congratulate Marija (Obrenović, Acting President and General State Auditor) on today's conference, and may it be the first in a series of traditional ones. And I promise that I will always respond to the invitation.
Thank you!