Institution Contact Details

Central Bank of Papua New Guinea

P.O. Box 121 Port Moresby, National Capital District, Papua New Guinea

Independent state of Papua New Guinea

(675) 3227200

(675) 3211617

egima@bankpng.gov.pg

Website Address

www.bankpng.gov.pg

Skype

Contact Person

Elizabeth Gima

Position

Manager, Financial System Supervision Department

General Institutional Information

Current Legal Status of the Institution

Corporate Institution of the Independent stage of Papua New Guinea

Objectives

• to formulate and implement monetary policy with the view to achieving and maintaining price stablity; and
• to formulate financial regulation and prudential standards to ensure stability of the financial system in Papua New Guinea; and
• to promote and efficient national and international payment system; and
• subject to the above, to promote macro-economic stablity and economic growth in Papua New Guinea.

Brief History

The Bank of Papua New Guinea (BPNG) is a corporate organisation and was established by the Act of Parliament (The Central Banking Act) in 1973. Prior to its establishment, BPNG was a branch of the Reserve Bank of Australia which used to be the Terriorty of PNG. The Central Banking Act (CBA) gives the Bank the necessary powers to fulfil its principal obligations under the Act. Apart from the CBA, BPNG also incorporated the Banks & Financial Institutions Act 2000 to regulate the commercial banks and financial instiutions including the microfinance industry.

Ownership

Independent State of Papua New Guinea

Operations related to
microfinance
and financial inclusion

Regulator and Supervisor of the microfinance industy in the country.

Main Funding Sources

Self Funding

Main Challenges

To be the contemporary Central Bank and Regulator employing best practise in the development of policy, financial sector supervision and payment system.

Other Networks

Member of te Central Banks world wide, APRA, SEACEN, PFTAC, ABD and Aus-Aid in the establishment of MFIs in PNG etc.