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Bank of Papua New Guinea
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Bank of Papua New Guinea
The Bank of Papua New Guinea (Tok Pisin: Beng bilong Papua Niugini) is the central bank of Papua New Guinea, which has a core mandate to ensure price stability and maintain macroeconomic growth. To achieve this, it discharges four main functions; 1. responsible for the formulation and implementation of monetary policy, 2. ensure financial system development and stability, 3. ensure the payment system remain efficient, and 4. provide a banking role to the Government. It also manages the country's foreign reserves, issue the country's currency, manages the gold and foreign exchange of Papua New Guinea.
The Bank of Papua New Guinea is the only institution that is permitted to issue the Papua New Guinean kina, which has been the case since early 1975.
Elizabeth Genia is the current Governor of the Bank.
Banking came to Papua in 1910 with the establishment of a branch of the Bank of New South Wales in Port Moresby. In 1916, the Australian government-owned Commonwealth Bank, established a branch in Rabaul and agencies in other towns, largely to support the banking needs of the Australian Army and its troops who had taken control of the former German colony of New Guinea. In time, this operation became a full-fledged commercial banking operation.
The Commonwealth Bank established many branches across Papua New Guinea including Port Moresby, Boroko, Rabaul, Lae, Wau, Bulolo, Goroka, Kavieng, Madang, Mount Hagen, Kundiawa, Popondetta and Wewak. On Bougainville there was Kieta, Panguna, Arawa and early on a part-time sub branch at Loloho. The bank maintained those facilities to support trade, local business, government and small savers.
The BNSW suspended its operations in Papua in 1941 after the Japanese Army captured many of the towns in which it had branches and agencies, and bombed Port Moresby. The BNSW resumed banking operations in 1946. The National Bank of Australasia established a branch in Port Moresby in 1957.
In preparation for independence, the Bank of Papua New Guinea was established as the country's central bank in 1973. The incoming Papua New Guinean (PNG) government made known its desire that all banks in PNG be locally incorporated, rather than be branches of a foreign parent. The National Australia Bank (NAB) incorporated its operations in PNG in 1974, which it called Bank South Pacific (BSP). Also in 1974, the Commonwealth Bank withdrew from PNG, transferring its operations to the new government of PNG, which called the bank the "Papua New Guinea Banking Corporation" (PNGBC). Papua New Guinea was granted independence in 1975. The Australia and New Zealand Banking Group established ANZ (PNG) in 1976. In 1990, the ANZ acquired Lloyds' operations in Papua New Guinea.
Then the government encouraged the bank to sell equity to local citizens. BSP conducted public offerings in 1980 and 1981, resulting in local citizens holding 13% of the bank's shares. Later, the government decided to acquire control of BSP. In 1993, National Investment Holdings Limited (NIHL) first acquired NAB's 87% shareholding, and then the 13% of the shares in the hands of the public, giving it 100% ownership of BSP. NIHL later changed its name to BSP.
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Bank of Papua New Guinea
The Bank of Papua New Guinea (Tok Pisin: Beng bilong Papua Niugini) is the central bank of Papua New Guinea, which has a core mandate to ensure price stability and maintain macroeconomic growth. To achieve this, it discharges four main functions; 1. responsible for the formulation and implementation of monetary policy, 2. ensure financial system development and stability, 3. ensure the payment system remain efficient, and 4. provide a banking role to the Government. It also manages the country's foreign reserves, issue the country's currency, manages the gold and foreign exchange of Papua New Guinea.
The Bank of Papua New Guinea is the only institution that is permitted to issue the Papua New Guinean kina, which has been the case since early 1975.
Elizabeth Genia is the current Governor of the Bank.
Banking came to Papua in 1910 with the establishment of a branch of the Bank of New South Wales in Port Moresby. In 1916, the Australian government-owned Commonwealth Bank, established a branch in Rabaul and agencies in other towns, largely to support the banking needs of the Australian Army and its troops who had taken control of the former German colony of New Guinea. In time, this operation became a full-fledged commercial banking operation.
The Commonwealth Bank established many branches across Papua New Guinea including Port Moresby, Boroko, Rabaul, Lae, Wau, Bulolo, Goroka, Kavieng, Madang, Mount Hagen, Kundiawa, Popondetta and Wewak. On Bougainville there was Kieta, Panguna, Arawa and early on a part-time sub branch at Loloho. The bank maintained those facilities to support trade, local business, government and small savers.
The BNSW suspended its operations in Papua in 1941 after the Japanese Army captured many of the towns in which it had branches and agencies, and bombed Port Moresby. The BNSW resumed banking operations in 1946. The National Bank of Australasia established a branch in Port Moresby in 1957.
In preparation for independence, the Bank of Papua New Guinea was established as the country's central bank in 1973. The incoming Papua New Guinean (PNG) government made known its desire that all banks in PNG be locally incorporated, rather than be branches of a foreign parent. The National Australia Bank (NAB) incorporated its operations in PNG in 1974, which it called Bank South Pacific (BSP). Also in 1974, the Commonwealth Bank withdrew from PNG, transferring its operations to the new government of PNG, which called the bank the "Papua New Guinea Banking Corporation" (PNGBC). Papua New Guinea was granted independence in 1975. The Australia and New Zealand Banking Group established ANZ (PNG) in 1976. In 1990, the ANZ acquired Lloyds' operations in Papua New Guinea.
Then the government encouraged the bank to sell equity to local citizens. BSP conducted public offerings in 1980 and 1981, resulting in local citizens holding 13% of the bank's shares. Later, the government decided to acquire control of BSP. In 1993, National Investment Holdings Limited (NIHL) first acquired NAB's 87% shareholding, and then the 13% of the shares in the hands of the public, giving it 100% ownership of BSP. NIHL later changed its name to BSP.