Central Bank chairman gives thumbs up on new appointments

The Bank of Papua New Guinea now have a full board following recent appointments by the National Executive Council of four additional members, increasing the full ceiling to nine.

Board chairman David Toua said the caliber of recent appointees brings much needed experience and expertise to the board.

“First time under my tenure as chair, we have a full board, it’s quite a relief for me. Also we have people with very good skill sets in areas of banking and economy and deeper understanding of PNG and its economy.”

Former Bank South Pacific chief executive officer Sir Robin Fleming and former ANZ Bank Country Head, Mark Baker, former Treasury Secretary Dairi Vele and BPNG deputy governor Jeffery Yombon were recently appointed by cabinet.

In January 2022, Toua [chairman], Des Yaninen, Richard Kuna, Ulato Avei and James Gore were appointed to the BPNG Board.  

Also speaking at the Monetary Policy Statement presentation this morning in Port Moresby, BPNG Governor Elizabeth Genia says the bank now have a full board, “with nine members appointed” and expect a “significant contribution to BPNG and PNG economy”. 

Unlike the past, under the current government policy reforms to the country’s central bank, BPNG Governor reports to the bank’s board.

Prime Minister James Marape when making the announcement of the new board members, reaffirmed his government’s commitment for central bank's autonomy, emphasising a distinct separation between the Treasury's Fiscal Policy and the Bank's Monetary Policy.