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 Territory of Papua and New Guinea The Territory of Papua and New Guinea was established by an administrative union between the Australian-administered territories of Papua and New Guinea in 1949. In 1972, the name of the Territory changed to "Papua New Guinea" and in 1975 it became the Independent State of Papua New Guinea. Archeological evidence suggests that humans arrived on New Guinea around 50,000 years ago. These Melanesian people developed stone tools and agriculture. Portuguese and Spanish navigators sailing in the South Pacific entered New Guinea waters in the early part of the 16th century and in 1526–27, Jorge