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,
Papua New Guinea considered that imperial honours had a cachet. The monarch is represented by the Governor-General of Papua New Guinea, currently Bob Dadae. Papua New Guinea (and the Solomon Islands) are unusual among Commonwealth realms in that governors-general are elected by the legislature, rather than chosen by the executive branch. The Prime Minister heads the cabinet, which consists of 31 MPs from the ruling coalition, which make up the government. The current prime minister is Peter O'Neill. The unicameral National Parliament has 111 seats, of which 22 are occupied by the governors of the 22 provinces and the National Capital District (NCD).