Bank of Canada reaching out to Indigenous groups on economic reconciliation

GATINEAU, Que. – A senior Bank of Canada official says the central bank will reach out to Indigenous groups over the next two years to help it define what economic reconciliation means and what its role should be.

In a speech to the Indigenous Prosperity Forum in Gatineau, Que., deputy governor Lawrence Schembri says the central bank will look to its existing partners — and, hopefully, new ones — for help.

Indigenous peoples face many barriers to accessing financial services including credit and capital that non-Indigenous Canadians do not.

Schembri says the challenges are the direct result of colonial policies that have led to geographic and economic isolation, financial dependence and widespread poverty and suffering.

However, he says work has started to help reduce the barriers to financial inclusion.

Schembri says the central bank hopes it can take a meaningful step toward building trust and strengthening its relationship with Indigenous peoples.

This report by The Canadian Press was first published May 5, 2022.