The macroeconomic stability that the Central Bank of the Dominican Republic (BCRD)in addition to its corporate governance, represents an important step forward to be a promoter of sustainability in the country.
This is how he considered it Stephanie Garcia Van GoolImpact Director of the BBVA Microfinance Foundation (BBVAMF), an entity that works so that entrepreneurs in situations of vulnerability, poverty or extreme poverty can progress and that their development is sustainable, offering them financial and non-financial services, as well as training and support adapted to their needs so that they can boost their businesses and progress their families and communities.
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During an interview for HOY, García Van Gool defines sustainability not only as a model that “can change the way the things you do today so that tomorrow you can continue having the same thing,” but with an added value that generates an impact not only in mitigating risks, but also proactively contributes to improving them in the medium and long term.
It explains that central banks integrate sustainability for development by promoting financial stability, managing climate and environmental risks, and promoting sustainable financing through monetary policies, regulation of climate risks, the development of tools such as green financial taxonomies, the implementation of frameworks for the disclosure of climate risks and the promotion of financial inclusion and economic education.
It stands out that in the case of the BCRD the point of maintaining the macroeconomic stability and also generate trust in the financial system, which does not happen in other countries, allowing influence on other institutions.
He also adds that internally this institution promotes sustainability as a topic of interest.
He pointed out that the influence of the BCRD “is not so direct”, therefore, it must be “very creative” when proposing solutions to address sustainability by integrating environmental, social and governance criteria in risk management and banking operations.
