Bank of Papua New Guinea

Bank of Papua New Guinea
Headquarters	Port Moresby, Papua New Guinea
Central bank of	Papua New Guinea
Currency	Papua New Guinean kina PGK (ISO 4217)
Website	bankpng.gov.pg

The Bank of Papua New Guinea is the central bank of Papua New Guinea. Its main function is to issue currency and to act as the banker and financial agent to the Government. It is also in charge of regulating banking and other financial services and manages the gold, foreign exchange and any other international reserves of Papua New Guinea.

The Bank of Papua New Guinea is engaged in developing policies to promote financial inclusion and is a member of the Alliance for Financial Inclusion. In 2013, BPNG made a Maya Declaration Commitment^[1] to create an enabling environment for building an inclusive financial sector in Papua New Guinea.^[2]

Constitutional Authority

Central Banking Act 1973

The Bank of Papua New Guinea was established by the Act of Parliament (Central Banking Act, 1973) which defines its powers and functions:

"The Central Bank shall, within the limits of its powers, ensure that its monetary and banking policy is directed to the greatest advantage to the people of Papua New Guinea, and direct its efforts to promoting monetary stability and a sound and efficient financial structure."(Central Banking Act, 1973)

Previously to Papua New Guinea's independence, the central bank was a branch of the Reserve Bank of Australia, then the colonial power.

Central Banking Act 2000

The purpose of the Central Banking Act 2000 was to:

#Amend and consolidate the laws establishing the Bank of Papua New Guinea as the central Bank, and to define its objectives and functions;

Confer upon the Bank of Papua New Guinea certain functions and powers including formulation and implementation of monetary policies and regulation of the financial system;
Make provision for and regulate Papua New Guinea currency; and
Make provisions in respect of foreign exchange and international reserves

Controversies

In November 2010, Flora Carruthers, former deputy governor of the Bank of Papua New Guinea, was arrested on a bench warrant issued by the National Court. It was alleged that, when deputy governor, Carruthers misappropriated K16,000 in travel allowance from the bank.^[3]

Carruthers left the bank suddenly in 2003, after a 20-year career. At the time, Central Bank Governor Wilson Kamit took the unusual step of placing an advertisement in a newspaper, explaining that Carruthers had been fired as a result of misappropriation of money belonging to the bank. Carruthers was also director of Transparency International in PNG.^[4] In 2002 Carruthers was named in the Queen’s birthday honours list for service to the Bank of Papua New Guinea.^[5]

References

↑ "Maya Declaration: Commitment made by the Bank of Papua New Guinea". AFI Global - Bringing smart policies to life.
↑ http://www.afi-global.org/sites/default/files/publications/maya_declaration_bank_of_papua_new_guinea.pdf
↑ The National (24 January 2012). "Former BPNG deputy governor arrested". The National.
↑ Central Banking (4 November 2003). "PNG central bank goes public on deputy's departure". Central Banking.
↑ BBC News (14 June 2002). "Commonwealth honours". BBC News.

External links

Official website

Central banks

Global

Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board

By continent

Africa	Bank of Central African States Central Bank of West African States Bank of Algeria National Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Central Bank of Madagascar Reserve Bank of Malawi Central Bank of Mauritania Bank of Mauritius Bank Al-Maghrib (Morocco) Bank of Mozambique Bank of Namibia Central Bank of Nigeria National Bank of Rwanda Central Bank of São Tomé and Príncipe Central Bank of Seychelles Bank of Sierra Leone Central Bank of Somalia Bank of Somaliland South African Reserve Bank Bank of South Sudan Central Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe

Americas	Central Bank of Argentina Central Bank of Aruba Central Bank of The Bahamas Central Bank of Barbados Bermuda Monetary Authority Central Bank of Brazil Bank of Canada Central Bank of Chile Bank of the Republic (Colombia) Central Bank of Cuba Central Bank of Curaçao and Sint Maarten Eastern Caribbean Central Bank Cayman Islands Monetary Authority Central Bank of Ecuador Bank of Guatemala Bank of the Republic of Haiti Central Bank of Honduras Bank of Jamaica Bank of Mexico Central Bank of Nicaragua Central Reserve Bank of Peru Central Bank of Suriname Central Bank of Trinidad and Tobago Federal Reserve System (United States) Central Bank of Uruguay Central Bank of Venezuela

Asia	Da Afghanistan Bank Central Bank of Bahrain Bangladesh Bank Royal Monetary Authority of Bhutan Brunei Currency and Monetary Board Autoriti Monetari Brunei Darussalam National Bank of Cambodia People's Bank of China Hong Kong Monetary Authority Reserve Bank of India Bank Indonesia Central Bank of the Islamic Republic of Iran Central Bank of Iraq Bank of Israel Bank of Japan Central Bank of Jordan National Bank of Kazakhstan National Bank of the Kyrgyz Republic Bank of Korea Central Bank of the Democratic People's Republic of Korea Central Bank of Kuwait Banque du Liban Monetary Authority of Macao Bank Negara Malaysia Maldives Monetary Authority Bank of Mongolia Central Bank of Myanmar Nepal Rastra Bank Central Bank of Oman State Bank of Pakistan Palestine Monetary Authority Bangko Sentral ng Pilipinas Qatar Central Bank Saudi Arabian Monetary Agency Monetary Authority of Singapore Central Bank of Sri Lanka Central Bank of Syria Central Bank of the Republic of China (Taiwan) Bank of Thailand Central Bank of Turkmenistan Central Bank of the United Arab Emirates Central Bank of Uzbekistan State Bank of Vietnam Central Bank of Yemen

Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia National Bank of Austria Central Bank of Azerbaijan National Bank of the Republic of Belarus National Bank of Belgium Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Central Bank of Cyprus Czech National Bank Danmarks Nationalbank (Denmark) Deutsche Bundesbank (Germany) Bank of England Bank of Estonia Bank of Finland Banque de France National Bank of Georgia Bank of Greece Hungarian National Bank Central Bank of Iceland Central Bank of Ireland Banca d'Italia Central Bank of Kosovo Bank of Latvia Bank of Lithuania Central Bank of Luxembourg National Bank of the Republic of Macedonia Central Bank of Malta National Bank of Moldova Central Bank of Montenegro De Nederlandsche Bank Norges Bank Central Bank of the Turkish Republic of Northern Cyprus National Bank of Poland Banco de Portugal National Bank of Romania Central Bank of Russia National Bank of Serbia National Bank of Slovakia Bank of Slovenia Gosbank (Soviet Union) Bank of Spain Swedish National Bank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine

Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga

Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of the Caribbean Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

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