Alongside the celebrations of the Bank's 50 years of operation, the management and staff engaged in a process to envisage the Bank of the future and chart a path toward its achievement. The process focused on the challenges facing the Bank and the country as global finance and economics transforms into an integrated digital system.
Staff discussed at length the barriers Papua New Guineans face accessing and benefiting from the financial system and the role the Bank plays in facilitating inclusion. They considered the Bank's mandate as the custodian of the financial system, and asked how price stability and the development of the financial system could improve the lives of all Papua New Guineans
The results of this process are set out in the BPNG Vision 2050 statement.
Vision 2050 outlines the critical role the Bank plays in enabling the social and the economic transformation of Papua New Guinea. As reflected in the Vision, the Bank's approach is above all focused on how the Bank will make life better for all Papua New Guineans.
Emerging issues considered include cyber security threats, new technologies, including blockchain and digital currencies, artificial intelligence and real time data which increasingly feature in the Bank's technology context. Also considered are the likely geopolitical and climate-related impacts on the PNG economy. Responses to these considerations are set out in the Strategic Plans, which will be formulated every five years commencing with Strategic Plan 2026-2030, which will be delivered in 2025.