Speech by Mr. David Toua, OBE, Chairman of the Board, Bank of Papua New Guinea, at the 2024 Business Advantage Papua New Guinea Investment Conference and Expo | Governor Genia's speech to the Lae Business Community | Speech on the Opening of the National Stakeholder Consultation on Expanding Superannuation and Insurance Coverage to MSMEs and Self-employed Workers in PNG| More choice in banking as BPNG grants two new Banking Licenses | March 2024 Monetary Policy Statement issued by the Board of Bank of Papua New Guinea |Press Release on Alternatives to Private Sector Cheques Given Thumbs Up |Media Release: Response to Letter circulating in Social Media referring alleged AML Offences |Joint Press Communiqué 59th SEACEN Governors’ Conference and the 43rd Meeting of the SEACEN Board of Governors|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|Public Notice - Customer Complaints Help Desk Core Banking System |Private Sector Cheques to be Discontinued by 31st December 2023|Acting Governor, Ms Elizabeth Genia, AAICD, releases the March 2023 Monetary Policy Statement.|Ms Elizabeth Genia, Acting Governor of the Bank of Papua New Guinea (Bank of PNG or the Bank), today released the June 2022 Quarterly Economic Bulletin (QEB). |Opening and Operating Foreign Currency Accounts outside of PNG without prior approval of the Bank of Papua New Guinea | List of reporting entities (REs) registered with Financial Analysis and Supervision Unit (FASU) 
Bank of Papua New Guinea (PNG) Port Moresby, Papua New Guinea > BPNG’S POSITION ON FOREIGN EXCHANGE NEEDS OF ANY INDIVIDUAL OR ENTITY 

BPNG’S POSITION ON FOREIGN EXCHANGE NEEDS OF ANY INDIVIDUAL OR ENTITY 

20221205 Media Statement – BPNG’S POSITION ON FOREIGN EXCHANGE NEEDS OF ANY INDIVIDUAL OR ENTITY

page1image55707264

 Media Statement 

BPNG’S POSITION ON FOREIGN EXCHANGE NEEDS OF ANY INDIVIDUAL OR ENTITY 

Date: 02 December 2022 

The Bank of Papua New Guinea (BPNG or Central Bank) is an independent statutory body with functions and roles vested in it by the Central Banking Act 2000 (CBA). The BPNG has obligations to monitor and regulate all foreign exchange transactions into and out of PNG’s banking system, by any person or entity. These are requirements under the CBA. Therefore, it is required to perform its functions independently and without fear of threats or influence from anyone. The BPNG therefore, urges all to allow it to carry out its functions independently. 

BPNG has no obligations to attend to the foreign exchange (FX) needs of any individual or entity. BPNG’s obligation as the Central Bank and Regulator is to provide FX to the Authorized Foreign Exchange Dealers (AFEDs) such as the commercial banks who then attend to the needs of their clients. 

Puma Energy PNG Refining Limited (Puma PNG) was granted Authority by the BPNG to open and operate a foreign currency bank account (the FCA) with ANZ Banking Group Limited, in Singapore with terms and conditions. There are allegations of breach of the terms and conditions of this Authority, which amongst others, includes failure by Puma PNG to bring onshore to PNG export proceeds of refined petroleum products during the past five years. 

It is unfortunate that Puma decided to reduce supply of fuel to Air Niugini. 

The BPNG filed proceedings OS No. 228 of 2022 (IECMS – CC2) Bank of Papua New Guinea -v- Puma Energy PNG Refining Limited on the allegations of the breaches, therefore, BPNG will not be commenting further on what is before the Court until a final decision is made. 

BPNG is mandated to make sound decisions for the best interest of Papua New Guinea, as opposed to the interest of any individual or entity. Therefore, BPNG has and will continue to perform its functions independently. 

Authorised by: Benny B M Popoitai, MBE 

Acting Governor 

Sitemap

A Cybermasta Site

Copyright © Bank of Papua New Guinea