Bank of Papua New Guinea

Brief History

The Bank of Papua New Guinea is a corporate organisation established by an Act of Parliament (Central Banking Act 2000), which defines its powers and functions. It commenced operations on 1 November 1973 as the country’s central bank. Prior to 1973 the bank was a branch of the Reserve Bank of Australia, mainly issuing Australian currency. It became the Bank of Papua New Guinea on 1 November 1973, and issued its first local currency called kina and toea on 19 April 1975. The

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