Central Banking Act Review

NOTE: SUBMISSION DEADLINE PUSHED BACK TO FRIDAY 24 SEPTEMBERpress release

The Treasurer, in consultation with the Prime Minister and the Ministerial Economic Committee of the National Executive Council, has decided it is timely to have a review of the Central Banking Act 2000. The objective is to modernise the Central Banking Act 2000 in line with international developments over the last 20 years while continuing to ensure the independence of the central bank in line with international norms.

The Independent Advisory Group (IAG) is chaired by Robert Igara, Chancellor of UPNG and formerly Chief Secretary to the Government of Papua New Guinea when the Central Banking Act was introduced in 2000. Other members include former Bank Governor from 1999 to 2009, Sir Wilson Kamit, and Dr Stephen Howes, Professor of Economics at the Australian National University. You can read about the members of the IAG here.

You can read the terms of reference for the Independent Advisory Group here.

Issues Paper

The IAG has produced an Issues Paper, which is available here for the sake of transparency and to guide submissions. Download the Paper by clicking here. You can also view the press release from the IAG Chair releasing the Issues Paper here. Updated press release here.

Submissions – now due Friday 24 September

Submissions are invited from interested parties, whether organisations or individuals. Submissions are due no later than Friday 24 September. Submissions will be uploaded to the website, unless the submitting body indicates that the submission is confidential. Submissions can address issues in the first or second phase or both. Please link your submissions to the terms of reference articulated in the Issues Paper. Send your submission to pngcbaiag@gmail.com.

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