Bank of Papua New Guinea

By: EconomyWatch   Date: 9 September 2010

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The Bank of Papua New Guinea was established by the Act of Parliament (Central Banking Act, 1973).

The Act defines its powers and functions and states that it is a corporate organization. The bank commenced its operations on 1st November 1973 as the country’s central bank. Since its inception the bank has undergone tremendous changes and is now more independent, neutral, and effective and free from external pressure or influence, political or otherwise.

The objectives of the Bank of Papua New Guinea are:

  • Formulate and implement monetary policy in order to achieve and maintain price stability in the country
  • Regulate and supervise the activities of financial institutions to ensure the constancy of the financial system in Papua New Guinea
  • To promote and ensure an efficient and national and international payment system
  • Promote macro-economic stability and economic growth in Papua New Guinea

In pursuance of its objectives as mentioned above, the bank undertakes following functions:

  • Issuing the currency on behalf of the Bank of Papua New Guinea
  • Acting as the banker and financial agent to the federal government
  • Regulating the activities of banks and other financial institutions in the country
  • Hold and manage the gold reserves, foreign exchange and other international reserves of the country
  • Perform such functions as may be conferred upon it through different laws of the Papua New Guinea

As a future mission, the Bank of Papua New Guinea strives to “continue to adjust and change to be on par as the other Central Banks and financial community world wide to provide up to date services to the people of Papua New Guinea.”

The Address and Contact details of the bank is as follows:

Bank of Papua New Guinea

Address:
P.O. Box 121  Port Moresby,
National Capital District PAPUA NEW GUINEA
Phone No.: ++675-322 72 00 
Fax: ++675-321 16 17


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