PURPOSE: The United Nations General Assembly designated 4 December as International Day of Banks to recognize of the significant potential of multilateral development banks and other international development banks in financing sustainable development and. also in recognition of the vital role of the banking systems in the United Nations Member States in contributing to the improvement of the standard of living.
FORUM: ”Improving payment systems as well as financial inclusion.” International Day of Banks 2023. The Central Bank Digital Currency Development enters the next phase. Many of the world’s monetary authorities are seeking more guidance on how best to pursue digital forms of central bank money. Central bank digital currencies can improve payment systems as well as financial inclusion—if they are appropriately designed. If not, they could pose risks. While not all countries may see an immediate case to deploy a CBDC, many countries are exploring CBDCs so they will have the option to introduce one in the future if it becomes pertinent for them. Benefits are more likely to come in time, following the policies pursued by countries and the private sector’s response, as well as the evolution of technology. In most cases, it would be useful for countries to continue exploring CBDC, carefully and systematically, as IMF Managing Director Kristalina Georgieva noted in her recent speech at the Singapore Fintech Festival. The Bahamas, Jamaica, and Nigeria have already introduced CBDCs. And more than 100 countries are in the exploration stage. Central bankers in Brazil, China, the euro area, India, and the United Kingdom are at the forefront. Looking ahead, our engagement with central banks will continue as they pursue new technologies. We will keep assessing the potential effects of CBDCs on areas from financial stability to cybersecurity and cross-border payments and build on these first five chapters of the CBDC Virtual Handbook. And we’ll continue our collaboration with other global bodies, including the Group of Twenty. The International Monetary Fund (IMF) will continue assisting countries exploring CBDCs, along with efforts by other global bodies like the Bank for International Settlements. Follow the conversations with the hashtags: #multilateralBanks, #Developmentbanks #4December, #InternationalDayofBanks, #bankingsystems, #digitalbanking.
EVENTS: On December 4th, a webinar will be held to mark the International Day of Banks 2023. The United Nations General Assembly have invited all Member States, the organizations of the United Nations system, the Multilateral Development Banks and non-governmental organizations to observe the International Day of Banks 2023, in a manner consistent with national priorities, in order to highlight the role of banks in contributing to achieving sustainable development; The UNGA have also Invited the Department of Economic and Social Affairs of the Secretariat,the United Nations Development Programme, the United Nations Conference on Trade and Development and other relevant United Nations entities to facilitate the observance of the International Day of Banks in collaboration with other relevant organizations.
World Bank Live at COP28: Join our live-streamed conversations and announcements from COP28, covering climate action, climate and development priorities, water, infrastructure, and more. Watch All live Events.
PODCASTS: The UNEPFI work with the banking community through the UN Principles for Responsible Banking to accelerate a positive global transition for people and the planet. With over 300 signatory banks representing almost half of the global banking industry, the Principles are the world’s foremost sustainable banking framework. These podcasts talk about Macroeconomic policy questions: international financial system and development. Listen to the audio-podcasts!
CAMPAIGN MATERIALS: Under the Principles for Responsible Banking, groups of banks come together to build robust and ambitious commitments, alliances and communities to fast-track action on priority topics. Through the Principles, banks take action to align their core strategy, decision-making, lending and investment with the United Nations Sustainable Development Goals, and international agreements such as the Paris Climate Agreement. Get the campaign materials!
WHY WE CELEBRATE THE DAY?
HOW TO GET INVOLVED!
PARTNERSHIPS
The International Day of Banks is commemorated all over the world annually December 4th, to acknowledge the role of banks in providing people with important information for their financial security. Integrated national financing frameworks are a tool to finance national priorities and operationalize the Addis Agenda at the national level. A country's sustainable development strategy lays out what needs to be financed. Integrated financing frameworks should not only respond to financing challenges, but also to the realities of a changing global landscape. For example, to combat inequality, including gender inequalities, national policies will need to address the falling wage share, growing vulnerabilities, digitization and increasing market concentration, among other issues. Governments should revisit their labour market policies, social protection systems, fiscal policies, competition policies, trade policies and financial sector regulations and strategies to ensure that they are in line with the new realities. The Collaboration between national development banks and multilateral banks, through co-financing or on-lending arrangements, can enhance Goal-related finance through the complementarity of international resources and local market knowledge.
Promote universal financial inclusion and foster a banking sector that supports the financial health of customers.
Highlight the banking system and the financial sector contributions in the improvement of the standard of living.
Facilitate transitions and reorient the economy towards achieving the Sustainable Development Goals.
Emphasize the relevance of inclusion in the international financial system at all levels.
Underscore the importance of strengthened international cooperation in ensuring adequate resources and comprehensive coverage in the global financial safety net.
Emphasize the importance of considering financial inclusion as a policy objective in financial regulation, in accordance with national priorities and legislation.
Recognize the significant potential of multilateral development banks and other international development banks in financing sustainable development and providing know-how.
The International Day of Banks is hosted by the United Nations Economic and Social Council, the United Nations system, the Department of Economic and Social Affairs, the United Nations Development Programme, the United Nations Conference on Trade and Development (UNCTAD) the United Nations Environment Programme Finance Initiative (UNEPFI), the International Monetary Fund (IMF), the World Bank Group. With the collaboration of Mutilateral and Bilateral Banks and agencies, the United Nations Technology Bank for Least Developed Countries, the African Development Bank (AfDB), The Asian Development Bank (ADB), The Inter-American Development Bank (IDB), the Development Bank of Latin America (CAF), the Central American Bank for Economic Integration (CABEI), and the Caribbean Development Bank (CDB). With the participation of National Development Banks, the USAID in USA, The FCDO in UK, the Italian Cassa depositi e prestiti, the AECID in Spain, the Swedish agency SIDA, the German agency GIZ, the Belgian agency BTC, and the Luxembourg agency LuxDev. the BNDES in Brazil, TSKB in Turkey, DBSA in South Africa, NAFIN in Mexico, and CDG in Morocco. the KfW in Germany, JICA in Japan, the AFD in France, the BOAD (West Africa), and the International Development Finance Club (IDFC), which brings 23 of the world’s major development banks into a network.
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