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Wednesday, 11 October 2006 |
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CENTRAL BANK
The Bank of Papua New Guinea is to act as the central bank for Papua New
Guinea.
Ojectives of the Central Bank
For the advantage of the people of Papua New Guinea, the objectives of the
Central Bank are -
| (a) |
to formulate and implement monetary policy with a view to achieving and maintaining price stability; and
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| (b) |
to formulate financial regulation and prudential standards to ensure stability of the financial system in Papua New Guinea; and |
| (c) |
to promote an efficient national and international payments system; and |
| (d) |
subject to the above, to promote macro-economic stability and economic growth in Papua New Guinea. |
Functions of the Central Bank
| 1 |
In pursuance of its objectives the Central Bank may - |
| (a) |
issue currency; and |
| (b) |
act as banker and financial agent to the Government; and |
| (c) |
regulate banking, credit and other financial services as empowered by this Act or by any other law of the Independent State of Papua New Guinea; and |
| (d) |
manage the gold, foreign exchange and other international reserves of Papua New Guinea; and |
| (e) |
perform any function conferred on it by or under any international agreement to which Papua New Guinea is a party; and |
| (f) |
perform any other function conferred on it by or under any other law of Papua New Guinea. |
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| 2 |
The Central Bank shall advise the Minister as soon as practicable where it
considers that a body regulated by the Central Bank is in financial difficulty.
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