The Bank of Papua New Guinea (BPNG), a corporate organization formed in 2008, celebrated its 50th anniversary on Friday 3rd of November,2023. The significance of this milestone traces back to the institution's establishment on November 1, 1973, when it began operations as the central bank of Papua New Guinea, under the Central Banking Act 2000. Sir Julius Chan, who played a pivotal role in the bank's early years, marked the occasion with heartfelt congratulations. Sir Julius, who, at the age of 34, served as the country's first Finance Minister and assumed the role of Chairman of the working group responsible for the nation's currency, fondly reminisced about the bank's inception. In his commemorative speech delivered on this special evening, Sir Julius noted the timeless relevance of the bank's mission. He stated, "The Bank of Papua New Guinea must establish itself as an institution providing direction and leadership.”
“It should work in cooperation with banks and financial institutions to implement policies that promote national objectives. What is clearly required is a spirit of cooperation and working together for the common advantage and benefit of the people of this country," he said. Sir Julius also paid tribute to the late Sir Henry ToRobert, the founding Governor, and other founding members, acknowledging the significant responsibility they shouldered in shaping the nation's financial development. He expressed his confidence that their efforts would continue to contribute to Papua New Guinea's financial progress. The Bank of Papua New Guinea's 50th anniversary is a testament to its enduring commitment to fostering an inclusive financial sector in the country, a commitment that was formalized in the Maya Declaration in 2013. As the central bank, it remains dedicated to providing guidance and leadership in partnership with financial institutions, just as it did five decades ago. Also read Comments are closed.
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