The roles, responsibilities and composition of the Board of Bank of PNG are  stated in the Central Banking Act 2000.

The current members of the Bank of PNG Board are:

FUNCTIONS OF THE BANK OF PNG BOARD

The functions of the Bank of PNG Board are set out in Section 26 of the Act:

"The Board of the Bank of PNG is responsible for determining the policies of the Bank, other than the formulation and implementation of Monetary Policy and the Regulation of the financial system, which shall be the responsibility of the Governor."

It is the duty of the Bank of PNG Board, within the limits of its powers to ensure that the monetary and banking policy of the Bank is directed to the advantage of the people of Papua New Guinea, and that the powers of the Bank under this Act and any related Acts, are exercised in such a manner as, in the opinion of the Board, will best contribute to:

• maintaining price stability;
• promoting the stability of the financial system;
• promoting an efficient national and international payments system;and
• promoting macro-economic stability and economic growth in Papua New Guinea.

MEETINGS OF THE BANK OF PNG BOARD

The Bank of PNG Board meets as often as the business of the Bank requires at such times and places as the Board determines or as the Governor, or in his absence the Deputy Governor, directs, but in any event not less frequently than once every three months.

The main focus of discussions at the Board meetings each quarter is on policy. This discussion occurs against the background of papers prepared by Bank of PNG staff on developments in the domestic and international economies and in financial markets. These papers are supplemented by staff presentations at each Board meeting.

COMPOSITION OF THE BANK OF PNG BOARD

The Board consists of not less than nine and not more than eleven members.

The membership of the Board comprise:

(a) the Governor, ex officio; and
(b) each Deputy Governor, ex officio; and
(c) up to three persons appointed by the Head of State, acting on advice, by notice in the National Gazette being from persons of-

(i) good moral standing; and
(ii) generally recognised standing and professional experience in monetary and banking matters;

(d) the following persons appointed by the Head of State acting on advice, by notice in the National Gazette:-

(i) the person who is elected Head of the Papua New Guinea Council of Churches, ex officio; and
(ii) the person holding the office of President of the Papua New Guinea Chamber of Commerce, ex officio; and
(iii) the person holding the office of President of the Papua New Guinea Trade Union Congress, ex officio; and
(iv) the person holding the office of the President of the Papua New Guinea Institute of Accountants, ex officio; and
(v) the person holding the office of Chairman of the Securities Commission in accordance with the Securities Act 1997, ex officio

No person shall be appointed, or re-appointed to the office of member of the Board, or hold that office, if that person-

(a) is a member of Parliament; or
(b) is an insolvent who has not obtained a final order of discharge, or whose order of discharge has been suspended for a term not yet expired, or is subject to a condition not yet fulfilled; or
(c) is 70 years of age or over; or
(d) is a person who would be prohibited from being a director or member or promoter of, or in any way whether directly or indirectly taking part in the management of, a company under any law of the Independent State of Papua New Guinea; or
(e) is or becomes a person whose affairs are administered under any law relating to mental health.