Under the Central Banking Act, the Bank of PNG is led by the Governor and up to two Deputy Governors. Our Executive also includes Assistant Governors and our Chief Operating Officer (COO).
The Bank is directed by a Board comprising a non-executive Chair, the Governor and one Deputy Governor, plus up to seven non-executive members with relevant and generally recognised standing and professional experience, among whom at least one will have international experience in central banking and not be a resident of Papua New Guinea.
Monetary policy is set by the Monetary Policy Committee which is chaired by the Governor and includes the Deputy Governor responsible for policy and three non-executive members who are not members of the Board. One must be a non-resident and be recognised as a monetary policy expert, while the other two members must be resident members and do not need to be monetary policy experts.
The Board has three sub-committees: Governance Committee, Audit and Risk Committee, and Budget and Investment Committee. Each committee is chaired by a non-executive member of the Board and is supported by a Secretariat from within the Bank's organisational structure.
Within the Bank, we have several committees that direct our operations.
Executive Committee
The Executive Committee (EXCO) is the principal committee advising the Governor on all matters relating to her functions and responsibilities. The Executive Committee includes all Deputy Governors, Assistant Governors and the COO. Other key staff, including the Director of FASU and the Chief Information Officer, will attend as required.
Investment Committee
This committee's core function is to advise the Governor on all matters relating to the investment and management of the nation's foreign exchange reserves. This is a critical role that safeguards the value of our currency and supports monetary and foreign exchange policy making.
Procurement and Tenders Committee
This committee reviews and assesses tenders and supply contracts and ensures that good goveernance guides all procurement by the Bank.
ICT Oversight Committee
This committee reviews and approves all significant ICT transformation and upgrade projects, and sets policies for the use of ICT within the Bank. Given the increasing demand on our ICT systems as we move to a digital future, this committee is critical for ensuring a smooth and consistent experience for our partners and stakeholders.
Property Management Committee
The Bank has several properties including our premises in Cuthbertson Street and our offsite backup centre. This committee manages our property holdings and ensures we have well maintained and fully functional premises for our staff.
Management Structure
The Bank is reviewing its management structure in 2025 after commencing a reorganisation in late 2024. There are now six Assistant Governors (previously four) and a COO to bring greater focus to critical areas of need and to strengthen our service delivery to the nation.