Releases
March 2024 Monetary Policy Statement issued by Board of Bank of Papua New Guinea
March 2024 Monetary Policy Statement issued by the Board of Bank of Papua New Guinea
International Women’s Day 2024 speech by Governor Ms Elizabeth Genia
Date: 8 March 2024
Daba namona, morning tru, welcome olgeta.
It is a pleasure to speak to you on this International Women’s Day as the Governor of the Bank of Papua New Guinea.
I am reminded today that as women, we are able to achieve at the highest level, and I am grateful for the opportunity to lead Bank of Papua New Guinea as your first female Governor.
I am also very aware of the many people who have supported and encouraged me as I have worked in my 35-plus years at the Bank.
All leadership is based on the trust and support of a team, and I am proud of the incredible contribution you all make as part of Team BPNG.
International Women’s Day is a time to celebrate the progress made by women and men in our society, and to renew our commitment to a more inclusive and just society.
This year’s theme is “Inspire Inclusion.” As I reflected on the theme, I was, reminded of our Vision 2050 and our shared focus to develop, maintain and promote a sound and efficient monetary and financial system that enables economic growth, employment and inclusion.
I know you all agree that inclusion is a key value for Bank of Papua New Guinea.
We are rightly proud of the fact that in 2019 we launched one of the nation’s first Gender Equality and Social Inclusion, or GESI, strategies.
GESI is now business as usual at the Bank. We expect GESI to be incorporated into all elements of our work and for the Bank to provide a supportive and inclusive environment for all our staff.
In 2022, we drafted the Anti-Sexual Harassment Policy, which was approved and implemented in 2023.
This is a significant achievement for the Bank, in that it clearly defines the standard of professional conduct we expect from our staff.
Our workplace is safer and more inclusive when all staff, women and men, understand what is and is not acceptable in the workplace.
I commend the team who have spent the last year conducting awareness and training so that we all understand the expectations for Bank staff, and can live up to the high value we place on gender equality in the workplace.
I also commend the changes in the workplace that have substantially increased the number of female managers in our Bank.
And, I commend the work done to combat family and sexual violence.
We supported the play “Letters to Bradley” in 2023. I know those of you who saw it were moved by the performance, and the themes in the play.
Many of us recognized those themes in our families, and in ourselves.
There are times when the best understandings come through stories and drama.
This is part of our culture, and I take time to recognize the impact this performance had on many members of our team.
It was innovative and impactful.
I also note that inclusion extends beyond gender to those living with disability.
The Bank can be rightly proud of the work we have done to ensure a more inclusive financial sector.
In 2023 or maybe earlier, we introduced the first banknotes to have embossed surfaces that enable those with vision impairments to recognize our bank notes.
This seems like a small thing. But, people living with vision impairment have been victims of financial abuse for too long.
Now, they have better control over their finances and can better manage their financial interactions.
This has made a big difference to the lives of many, particularly in rural and remote areas.
We actively monitor our performance in this important area and encourage women and those living with disability to join and succeed in our organization.
In 2024, I challenge us all to do more to promote inclusion both within the Bank of Papua New Guinea and to the communities we support across the country.
More can be done to integrate women and those living with disability into our Bank and our financial sector.
We also need to consider more deeply the connection between access to finance and family and sexual violence.
On this International Women’s Day, I again thank you for the contribution you have made in taking this important agenda forward.
I’m proud that Bank of Papua New Guinea is leading this movement within the Government of Papua New Guinea, and of the work you have all done to make BPNG an employer of choice for women.
I challenge us all to lead by example and make inclusion a living and visible value modelled by all Bank staff for the benefit of our communities.
I am grateful for your presence here today, and your commitment to inclusion in our workplace.
Tenikyu bada herea.
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Joint Press Communiqué 59th SEACEN Governors’ Conference and the 43rd Meeting of the SEACEN Board of Governors
Joint Press Communiqué
59th SEACEN Governors’ Conference and the 43rd Meeting of the SEACEN Board of Governors
February 15-16, 2024
Mumbai, India
The Reserve Bank of India (RBI) hosted the 59th SEACEN Governors’ Conference and the 43rd Meeting of the SEACEN Board of Governors (BOG) during February 15-16, 2024, in Mumbai, India.[1] The SEACEN community expressed satisfaction over continuing its practice of meeting in person.
The recovery from the COVID-19 pandemic was followed by a concerted interest rate hike cycle by systemically important economies on account of rising inflation, slowdown of external demand, elevated energy and food prices, high levels of non-financial corporate debt, strained public budgets, higher borrowing costs, geopolitical disturbances and structural issues. Against this backdrop, the Governors’ Conference on February 15th, 2024, with the theme Navigating Economic Headwinds and Advancing Financial Inclusion: Perspectives and Challenges, acknowledged the challenging trade-offs emerging from different policy objectives and tackling them using diverse sets of policy tools. The conference was attended by the Governors and Managing Directors, as well as delegates from SEACEN member central banks and monetary authorities.
Following the welcome remarks by Mr. Mangal Goswami, Executive Director of the SEACEN Centre, Governor, Reserve Bank of India, Mr. Shaktikanta Das, delivered the keynote address on the topic Fundamental Shifts in the Global Economy: New Complexities, Challenges and Policy Options. Ms. Petya Koeva Brooks, Deputy Director from the International Monetary Fund (IMF) gave the first of two special addresses on Insights on the Global and Emerging Markets Economic Outlook, after the keynote address.
This was followed by a panel discussion comprising of Mr. Sachin Chaturvedi[2]; Mr. Nandalal Weerasinghe[3]; and Mr. Francisco G. Dakila Jr.[4], and moderated by Ms. Petya Koeva Brooks. This panel discussion on The Drivers and Road to Achieving Inflation Targets – Challenges Ahead echoed that inflation around the world remained elevated in 2023, partly driven by global factors – and more frequently by – supply shocks resulting in constraints in flow of commodities across markets. Challenges to effective policymaking continue to widen, and now encompass monetary-fiscal policy coordination and varied central bank communication strategies. Following this panel discussion, a special address was delivered virtually by Mr. François Villeroy de Galhau[5] on Challenges Ahead on the Road to a 2 per cent Inflation Target.
The second panel discussion comprising of Mr. Chang Yong RHEE[6]; Ms. Nguyen Thi Hong[7]; and Mr. Marzunisham Omar[8] was moderated by Professor Kenneth Kletzer[9]. The panel discussion focused on Challenges and Implications of Higher for Longer Interest Rates. High interest rates, induced largely by strong and persistent inflationary forces made the macro-financial environment more arduous. Cross-country monetary spillovers in a highly integrated world had gained prominence. The panel reasoned that monitoring of global economic developments with a focus on the international exposure, building up the buffers, robust risk management practices and clear policy communication could help central banks mitigate the spillover risks.
The third panel discussion on Leaving No One Behind: The Role of Digital Public Infrastructure in Financial Inclusion was moderated by Mr. Chia Der Jiun[10]. The panel noted with concern that despite rapid advances in the digitalization of transactions and the payments infrastructure, around 1.4 billion people across the word had remained financially excluded. The Digital Public Infrastructures (DPIs) can provide the core foundational system that enables the provision of digital services across economies and accelerate financial inclusion. The panelists, Ms. Chea Serey[11]; Mr. Maha Prasad Adhikari[12]; and Mr. T. Rabi Sankar[13] elaborated on ways to leverage the DPI for advancing financial inclusion in the SEACEN community.
The Conference concluded with closing remarks by Mr. Michael Debabrata Patra, Deputy Governor, RBI on The Relevance of SEACEN in a Turbulent World. In his address, the Deputy Governor stated that according to the World Bank, the macroeconomic performance of the region was standing out in a world that was expected to experience its slowest growth in three decades. He underscored that the member central banks of SEACEN were at the forefront of the transformation that the world was experiencing and were leading the way forward.
On February 16th, 2024, the 43rd Meeting of the SEACEN Board of Governors (BOG) was held. The Governors greeted Mr. Shaktikanta Das, Governor, RBI as the SEACEN chair for 2024. The Governors approved the administrative matters relating to the SEACEN Centre, including the matters approved by the Executive Committee (EXCO) members in their meeting in September 2023. The members expressed their appreciation for the outgoing Chairpersons, Mr. Chea Chanto (former Governor, National Bank of Cambodia) and Ms. Chea Serey, Governor of the National Bank of Cambodia for their strong leadership as the SEACEN chair during 2023.
The Governors also welcomed with appreciation the Bank of Korea’s acceptance to take over the SEACEN chair in 2025.
[1]SEACEN comprises the 19-member central banks and monetary authorities of Brunei Darussalam, Cambodia, China, India, Indonesia, Hong Kong SAR, Korea, Lao PDR, Malaysia, Mongolia, Myanmar, Nepal, Papua New Guinea, Philippines, Singapore, Sri Lanka, Chinese Taipei, Thailand and Vietnam. The SEACEN has eight Associate Members and eight Observers.
[2] Member of the Central Board, RBI.
[3] Governor, Central Bank of Sri Lanka.
[4] Deputy Governor, Bangko Sentral ng Pilipinas.
[5] Governor, Banque de France.
[6] Governor, Bank of Korea.
[7] Governor, State Bank of Vietnam.
[8] Deputy Governor, Bank Negara Malaysia.
[9] University of California, Santa Cruz, USA.
[10] Managing Director, Monetary Authority of Singapore.
[11] Governor, National Bank of Cambodia (NBC).
[12] Governor, Nepal Rastra Bank (NRB).
[13] Deputy Governor, RBI.
Media Release: Response to Recent Reports Relating to Puma PNG
MEDIA RELEASE 26-01-2024 – RESPONSE TO RECENT REPORTS RELATING TO PUMA PNG
Press Release: Bank of PNG turns 50
In delivering her opening remarks, the Acting Governor, Ms Elizabeth Genia, stated, “In 1973, the winds of change were altering the course of history and the dream of Papua New Guinea taking responsibility for our own affairs was slowly becoming a reality. Though still two years away from achieving Independence, our young and emerging nation would need strong and stable institutions to support a peaceful and inclusive society, as well as the leadership needed to embrace the challenges the future would bring.”
Monetary Policy Statement September 2023 Issued by the Board of the Bank of Papua New Guinea and delivered to the Minister for Treasury by the Acting Governor, Ms Elizabeth Genia
Speech by Acting Governor Ms Elizabeth Genia, AAICD on Inclusive Green Finance Policy launch
Speech by Acting Governor Ms Elizabeth Genia, AAICD on Inclusive Green Finance Policy launch