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,
Territory of Papua and New Guinea de Menezes came upon the principal island "Papua". In 1545, the Spaniard Iñigo Ortiz de Retes gave the island the name "New Guinea" because of what he saw as a resemblance between the islands' inhabitants and those found on the African Guinea coast. Knowledge of the interior of the island remained scant for several centuries after these initial European encounters. In 1884, Germany formally took possession of the northeast quarter of the island and it became known as German New Guinea. In 1884, a British protectorate was proclaimed over Papua – the southern coast of New Guinea. The protectorate, called