Bank of Papua New Guinea


Bank of Papua New Guinea

Infobox Central bank
bank_name_in_local =
image_1 =
image_title_1 =
image_2 =
image_title_2 =
headquarters = Port Moresby, Papua New Guinea
bank_of = Papua New Guinea
currency = Papua New Guinean kina
currency_iso = PGK
borrowing_rate =
deposit_rate =
website = [http://www.bankpng.gov.pg/ bankpng.gov.pg]
footnotes =

The Bank of Papua New Guinea is the central bank of Papua New Guinea.

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

Functions of the bank

Bank of Papua New Guinea's 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.

ee also

* Papua New Guinean kina
* Economy of Papua New Guinea

External links

* [http://www.bankpng.gov.pg/ Official site: Bank of Papua New Guinea]


Wikimedia Foundation. 2010.

Look at other dictionaries:

  • Papua New Guinea — an independent republic in the W Pacific Ocean, comprising the E part of New Guinea and numerous near lying islands, including the Bismarck Archipelago, the Admiralty Islands, the Trobriand Islands, and Bougainville and Buka in the Solomon… …   Universalium

  • Papua New Guinea — This article is about the country. For the Future Sound of London single, see Papua New Guinea (song). Independent State of Papua New Guinea Independen Stet bilong Papua Niugini …   Wikipedia

  • Papua New Guinea — <p></p> <p></p> Introduction ::Papua New Guinea <p></p> Background: <p></p> The eastern half of the island of New Guinea second largest in the world was divided between Germany (north) and the UK… …   The World Factbook

  • Outline of Papua New Guinea — …   Wikipedia

  • Economy of Papua New Guinea — Infobox Economy country = Papua New Guinea width = caption = currency = kina (PGK) year = calendar year organs = WTO, APEC rank = 130th gdp = $14.37 billion (2005 est.) growth = 2.9% (2005 est.) per capita = $2,600 (2005 est.) sectors =… …   Wikipedia

  • Deforestation in Papua New Guinea — Satellite images exemplify massive loss of forest cover in New Ireland between 1989 (bottom) and 2000 (top) Deforestation in Papua New Guinea has been extensive in recent decades and is continuing at an estimated rate of 1.4% of tropical forest… …   Wikipedia

  • Foreign relations of Papua New Guinea — Papua New Guinea This article is part of the series: Politics and government of Papua New Guinea Queen Elizabeth II …   Wikipedia

  • Coffee production in Papua New Guinea — Papua New Guinea raw arabica coffee beans Coffee production in Papua New Guinea accounts for approximately 1% of world production according to the United Nations Conference on Trade and Development (UNCTAD).[1] After …   Wikipedia

  • List of birds of Papua New Guinea — This is a list of the bird species recorded in Papua New Guinea. The avifauna of Papua New Guinea includes a total of 781 species, of which 76 are endemic, one has been introduced by humans, and 18 are rare or accidental. 28 species are globally… …   Wikipedia

  • Papua New Guinean kina — Infobox Currency image 1 = image title 1 = 20 kina banknote image 2 = image title 2 = 50 kina banknote iso code = PGK using countries = PNG inflation rate = 1.8% inflation source date = [https://www.cia.gov/library/publications/the world… …   Wikipedia


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.