Bank of Canada reaches out to indigenous groups about economic reconciliation

A senior Bank of Canada official says the central bank will be reaching out to indigenous groups over the next two years to determine what economic reconciliation means and what its role should be.

Speaking to the Indigenous Prosperity Forum in Gatineau, Que., Vice Governor Lawrence Schembri said the central bank will look to its existing partners. and hopefully new ones for assistance.

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

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

However, he says work has begun to reduce barriers to financial inclusion.

Schembri says the central bank hopes to take a meaningful step in building trust and strengthening its relationship with indigenous peoples.

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