All posts by adminpbng

Calendar Events

SEACEN Training on Analytics of Macroeconomic and Monetary Policy Management

MP2A: Analytics of Macroeconomic and Monetary Policy Management
Dates : 7 – 11 October 2019
Venue : TBC
Host : Bank of Papua New Guinea

This course emphasizes technical and analytical aspects of macroeconomic and monetary
policy management, including monetary policy transmission mechanisms, assessing the
stance of monetary policy, inflation dynamics, early warning indicators of financial instability,
exchange-rate management issues, and the implementation of macroprudential policies. It
focuses on both theory and application, using lectures together with hands-on exercises and
case studies.

Objectives
At the end of the course, participants will be able to: (1) discuss monetary policy frameworks,
transmission mechanisms, and communicating monetary policy; (2) appreciate the issues
associated with exchange-rate management and the implementation of macroprudential
policies; (3) assess the stance of monetary policy in relation to the macroeconomic conditions
facing an economy; (4) understand the channels through which monetary policy affects the
economy; and (5) evaluate the stylized facts about capital flows as well as the scope for capital
flows management measures.

Target Participants
This course is intended for middle-level officers or technical staff whose work involves
macroeconomic surveillance and analysis of monetary policy. Participants should have at
least two years’ relevant working experience and be familiar with basic econometrics and the
use of econometric software such as EViews.

Calendar Events

Financial Consumer Protection Consultancy Workshop – Alotau

Bank of Papua New Guinea (the Bank) wishes to inform the public that consistent with the Government objective enshrined in the National Financial Inclusion Policy, that “all Papua New Guineans are financially competent and have access to a wide range of financial services that address their needs and are provided in a reasonable and sustainable manner”, the Bank will conduct stakeholder meetings in the major centres for the development of a Financial Consumer Protection (FCP) Regulatory Framework.

Consultative workshops will be held in the following venues:

Date Centre Venue
04/02/2019 Kokopo Gazelle International Hotel
06/02/2019 Lae Lae International Hotel
08/02/2019 Port Moresby Crown Hotel
11/02/2019 Madang Madang Hotel
13/02/2019 Mt Hagen Highlander Hotel
18/02/2019 Alotau Alotau International Hotel

 

An assessment of the Financial Consumer Protection (FCP) regulatory framework and industry practices in PNG by International Finance Corporation (IFC) identified that the regulatory framework is limited, with significant gaps as compared to international best practices. It recommended for a FCP Regulatory Framework to be developed under the Banks and Financial Institutions Act 2000 to establish a fair and equitable treatment of consumers of financial products and services.

The Bank considers protection of financial consumers as a critical enabler for financial inclusion initiatives.

The Regulatory Framework will cover all Financial Institutions licensed and supervised by the Bank in respect of the financial products and services provided to consumers for either personal or business purposes. The Bank will eventually take appropriate steps to bring other institutions providing financial services under appropriate financial consumer protection regulations.

The FCP Regulatory Framework will be established consistent with the internationally accepted financial consumer principles: (1) Treat consumer fairly, (2) disclosure and transparency, (3) product suitability, (4) responsible lending, (5) data protection, and (6) consumer redress. A draft Financial Consumer Protection regulation is available for consultation and comments.

For comments and or for attendance in the consultation workshops the technical team can be contacted on these emails Mr Anil Paul at [email protected] or Ms. Marie-Rose Sau at [email protected].