Who officially opened the Bank of PNG?
Sir Rabbie Namaliu
It was officially opened by the then Prime Minister, Sir Rabbie Namaliu on 1 November 1991. Since its establishment the Bank has had six (6) different governors. The first governor of the Bank was Sir Henry ToRobert. He was also the longest serving executive of the Bank who served for about 20 years since 1973.
What is another name for Bank of Papua New Guinea?
The National Australia Bank (NAB) incorporated its operations in PNG in 1974, which it called Bank South Pacific (BSP). Also in 1974, the Commonwealth Bank withdrew from PNG, transferring its operations to the new government of PNG, which called the bank the “Papua New Guinea Banking Corporation” (PNGBC).
Who is the governor of Bank of PNG?
Loi M. Bakani
Loi M. Bakani, CMG, from West New Britain Province, is the Seventh and current Governor. He became Governor and Chairman of the of the Bank of Papua New Guinea Board in December 2009 for a term of 7 years.
How do I buy Treasury bills in PNG?
The General Public can invest in Tbills by purchasing through an auction which is conducted every Wednesday (weekly) from 9am – 11am, at the Bank of PNG. Investors outside of Port Moresby can also purchase or invest in Treasury Bills. Rates or yields are determined by investors themselves through bidding.
What kind of bank is the Bank of Papua New Guinea?
The Bank of Papua New Guinea is a corporate organisation established by an Act of Parliament (Central Banking Act 2000), which defines its powers and functions. It commenced operations on 1 November 1973 as the country’s central bank.
What are the main industries in Papua New Guinea?
The country’s economy remains dominated by two broad sectors: the agricultural, forestry, and fishing sector that engages most of PNG’s labor force (the majority informally); and. the minerals and energy extraction sector that accounts for the majority of export earnings and GDP.
Who owns BSP bank?
National Investment Holdings Limited
On 24 August 1993, the nationally owned company, National Investment Holdings Limited (NIHL) acquired the 87% shareholding held by National Australia Bank. On 25 October 1993, 100% ownership of the Bank was achieved by NIHL, which later changed its name to BSP.
What is the currency of Papua New Guinea called?
Papua New Guinean kina
Papua New Guinea/Currencies
The KINA and TOEA Currency PNG introduced its own notes and coins Currency on the 19th April 1975. The name of the dollars equivalent is Kina and the name of the cent equivalent is toea. The Kina is the major unit and one single kina is equivalent to one hundred toeas.
How much interest do Treasury bills pay?
Treasury bonds yield around 2.24 percent (as of early May), so they may not keep up with inflation over a longer period. “Investors should plan on inflation over the next 30 years averaging around three percent,” McBride says.
What is the minimum amount to invest in Treasury?
T-bills are available for a minimum amount of Rs. 25,000 and in multiples of Rs. 25,000. T-bills are issued at a discount and are redeemed at par.
What religion is Papua New Guinea?
Approximately 26 percent of the population is Roman Catholic; 18 percent Evangelical Lutheran; 13 percent Seventh-day Adventist; 10 percent Pentecostal; 10 percent United Church (an offspring of the London Missionary Society, Australian Methodist Church, and the Presbyterian Church of New Zealand); 6 percent …
What is the average salary in Papua New Guinea?
The salary range for people working in Papua New Guinea is typically from 1,607.00 PGK (minimum salary) to 7,874.00 PGK (highest average, actual maximum salary is higher).