Bank of Papua New Guinea Bank of Papua New Guinea The Bank of Papua New Guinea is the central bank of Papua New Guinea. Its main function is to issue currency and to act as the banker and financial agent to the Government. It is also in charge of regulating banking and other financial services and manages the gold, foreign exchange and any other international reserves of Papua New Guinea. Mr Loi Martin Bakani is the current governor of the bank. Banking came to Papua in 1910 with the establishment of a branch of the Bank of New South Wales in Port Moresby. In 1916,
History of Papua New Guinea approve. However, when Germany began settlements in the north a British protectorate was proclaimed in 1884 over the southern coast of New Guinea and its adjacent islands. The protectorate, called British New Guinea, was annexed outright on 4 September 1888. The possession was placed under the authority of the Commonwealth of Australia in 1902. Following the passage of the Papua Act in 1905, British New Guinea became the Territory of Papua, and formal Australian administration began in 1906, although Papua remained under their control a British possession until the independence of Papua New Guinea in 1975. There was little economic