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 a major campaign of the Pacific War. In all, some 200,000 Japanese soldiers, sailors and airmen died during the campaign against approximately 7,000 Australian and 7,000 American service personnel. Australian naval vessels have arrived in Papua New Guinea to protect leaders at a summit of Pacific Rim nations next week,giving foretaste of the newly elevated defence relationship between the two neighbors. Following the surrender of the Japanese in 1945, civil administration of Papua as well as New Guinea was restored, and under the Papua New Guinea Provisional Administration Act, (1945–46), Papua and New Guinea were combined in an administrative union.