3rd National Training on Financial Investigations Relating Forestry Crime, Land Use, and Other Related Crimes
Port Moresby, Papua New Guinea
Port Moresby, Papua New Guinea
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:
|04/02/2019||Kokopo||Gazelle International Hotel|
|06/02/2019||Lae||Lae International Hotel|
|08/02/2019||Port Moresby||Crown 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]
The Bank of PNG Board meets at least once every three months in a year. The 18th of December 2018 will be the 4th quarter Board meeting of the year.
Bank of Papua New Guinea 45th Anniversary on November 01st 2018
The Governor Loi M Bakani CMG, Board, Management and Staff of the Bank of Papua New Guinea wish to convey their deepest condolences to the family of Late Sir Henry ToRobert KBE who passed away on Thursday 18th October, 2018.
Late Sir Henry ToRobert KBE was the first Governor of the Bank of Papua New Guinea. He served four (4) terms with the Bank from October 22nd, 1973 to July 30th, 1993. He is the longest serving Governor in the Commonwealth of Nations. He oversaw the growth and development of the central bank in its formative years leading up to and after PNG gained independence in 1975.
During his term, the country’s currency (Kina and Toea) was introduced in 1975 and a new Bank Building was opened in 1991 and named after him (ToRobert Haus).
Our thoughts and prayers are with his wife, Janet and children; Ezzard, Louis, Charmaine, Henry Jr, and grandchildren for the loss of your husband, father and grandfather during this time of bereavement.
Loi M. Bakani CMG,
Bank of Papua New Guinea will launch commemorative banknote to mark Asia-Pacific Economic Cooperation (APEC) meeting in November 2018. Asia-Pacific Economic Cooperation is an inter-governmental forum for 21 Pacific Rim member economies that promotes free trade throughout the Asia-Pacific region. The commemorative note which come in denomination K100 will be launched on November 17th and circulated thereafter. Introducing the country own currency was one of the first significant steps towards creating a national identity.
IMF Article IV Mission visit on 17th-28 September 2018