Central Bank Act To Undergo Review
The Central Bank Act, especially on its management and role of the bank, will be reviewed. Treasury Minister Ian Ling-Stuckey said that it had been 20 years since the last amendments were made.
“Sitting down and looking at all agencies under Treasury, I can assure this parliament during my time on the other side of the house, I had made comments and various releases suggesting strongly that it was possibly time to review bank of PNG”.
“Last amendments to laws that govern this institution made back in 2001 and 2002, if we recall some of the changes, the reasons then for moving BPNG to be more independent was because of political interference it was rational at the time”.
“Back than when we made those changes, everyone was happy fast forward 20 years as I look back now, there are some strong valid arguments there is a time for review, 20 years it is time to have a look within”.
Mr Ling-Stuckey said that if the Government was to conduct a review it was not because it was due “but having spoken to bilateral and other multilateral partners, many think it is time we capture all those in our review”.
Gulf Governor Chris Haiveta had asked a series of questions during Question Time about Mr Ling-Stuckey’s plans for the Central Bank, officially the Bank of Papua New Guinea.
He asked: – Are you prepared to do a review of the membership of the board to allow independent technically qualified board members rather than having industry interest group on the membership of the central bank board?
– Are you willing and prepared to do a review to allow macroeconomic policy setting and framing now conducted by the bank but is now the preview of the government of the day to be brought back to PM and to yourself so that you can set the framework so that this government will develop according to policies of government of the day?
And – Undertake review so that central bank focuses also on issues to do with foreign exchange to develop right policy instruments so that we can elevate problems faced currently
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