The Bank of Papua New Guinea (BPNG) Governor Elizabeth Genia addressed recent significant legislative changes to the Central Banking Act during the recent September 2024 Monetary Policy Statement presentation at the Royal Papua Yacht Club. The amendments, passed by Parliament in September, pave the way for the establishment of a new Monetary Policy Com...

Bank of Papua New Guinea (BPNG) Governor Elizabeth Genia recently outlined the September 2024 Monetary Policy Statement, amid the ongoing economic challenges and the central bank's strategies to stabilize the nation's economy. The presentation took place on October 7th at the Royal Papua Yacht Club in Port Moresby. Reflecting on the previous March M...

The Bank of Papua New Guinea (BPNG) officially launched the Kina and Toea Exhibition, a display celebrating the nation's rich economic history and the 50th anniversary of Papua New Guinea’s currency. This event, held as part of the Bank’s 50th anniversary celebrations, coincides with the upcoming 50th anniversary of PNG's independence in 2025. The Kina...

The Centre for Excellence in Financial Inclusion (CEFI) and the SME Corporation (SMEC) will work in partnership together in advancing financial inclusion in Papua New Guinea following a Memorandum of Understanding (MoU). CEFI Executive Director Mr. Saliya Ranasigne and SMEC Managing Director Mr. Petrus Ralda signed a MoU on Tuesday August 13 at the SME...

The Bank of Papua New Guinea (BPNG), Australia and New Zealand Banking Corporation (PNG) Ltd (“ANZ”) and the Global Green Growth Institute (GGGI) have signed a Memorandum of Understanding (MoU) to integrate and reinforce the Inclusive Green Finance Policy (IGFP) into ANZ’s operations and services. The MoU establishes a framework for cooperation and col...

Credit Corporation (PNG) Limited has achieved a long-held dream of its founding directors by evolving into a fully-fledged bank, a milestone celebrated by Chairman Dr. Albert Mellam during the official licensing event by the Bank of Papua New Guinea (BPNG). The transition to CreditBank PNG marks a pivotal moment in the company’s history, reflecting its...

August 5th marked a historic moment for Papua New Guinea's financial sector as the Bank of Papua New Guinea (BPNG) issued commercial banking licenses to TISA Bank Limited and Credit Bank PNG Limited. This event, held at the BPNG headquarters in Port Moresby, is the first time two banking licenses have been granted on the same day, signaling a significa...

In July, the Global Green Growth Institute (GGGI) launched the Papua New Guinea Climate FIRST project with a series of workshops, starting with the New Ireland Province. The Climate FIRST Inception and Stakeholder Consultation Workshop, held on July 22 in Kavieng, marked the beginning of the project's implementation across seven provinces: Eastern High...

The Centre for Excellence in Financial Inclusion (CEFI) and the Madang Provincial Government (MPG) signed a Memorandum of Understanding(MOU) to introduce financial Inclusion activities in the province. Madang is the first province in the Momase Region and the sixth province to sign a MoU with CEFI, following Milne Bay, West New Britain, Western Highlan...

PNGX Group, operator of Papua New Guinea’s national stock exchange, has taken another step towards enhancing the PNG capital market. PNGX has released amendments to its Business Rule to modernise the management requirements for PNG’s stockbrokers. This follows the improvement to the speed of settlement of trades which took effect in July 2023, enhancin...

The National Superannuation Fund (Nafsund) Limited signed a Memorandum of Understanding (MoU) with the Centre for Excellence in Financial Inclusion (CEFI) on June 21, 2024. This MoU is a three year partnership between Nasfund and CEFI that enables both organizations to work together in enhancing superannuation awareness with CEFI’s Financial Inclusion ...

The Bank of Papua New Guinea (BPNG) welcomed a distinguished ministerial delegation from New Zealand to discuss the progress and initiatives of the Green Finance Centre (GFC) in the context of climate resilience in Papua New Guinea. The meeting, held on May 13, 2024, underscored the pivotal role of green finance in addressing climate change challenges ...

The Internal Revenue Commission (IRC) unveiled its revamped debt allotment letters, signaling a significant step towards clearer communication with taxpayers and tax agents. This is in line with IRC’s desire to communicate with taxpayers and tax agents through one of their projects part of the broader Taxpayer Services Strategy to foster voluntary comp...

Governor of the Bank of Papua New Guinea Ms. Elizabeth Genia officially opened the Women’s Micro Bank (WMB) Branch in Kerema (Tuesday May 07), making it the fifth WMB branch to be operating in Papua New Guinea. “Today’s official opening of its fifth branch celebrates another achievement in a long line of achievements we have seen for women’s microbank....

With a focus on infrastructure development and a rising middle-class market, including Small and Medium Enterprises (SMEs), Papua New Guinea presents a promising landscape for investors. PNG’s abundant natural resources in mining, oil and gas, forestry, fisheries, and agriculture further enhance its appeal. From coffee and cocoa to vanilla and local pr...

Papua New Guinea took a significant stride towards sustainable economic development with the inauguration of the Green Finance Centre (GFC) in a collaborative effort spearheaded by the Bank of Papua New Guinea (BPNG) and the Global Green Growth Institute (GGGI). The move aims to revolutionize PNG's financial sector by integrating green finance principl...