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Monetary Policy Committee

The Monetary Policy Committee is responsible for the formulation and implementation of Monetary Policy

The Committee formulates a monetary policy of the Central Bank and oversees its implementation to achieve and maintain the Central Bank's objectives.

The responsibility of the Committee includes, without limitation, and in addition to any other powers conferred by the Central Banking Amendment Act 2024 or any other law, the power -

(a) to set the rate of interest payable on an instrument or instruments issued by the Central bank or borrowing of the Central bank; and
(b) to issue directions to buy, sell and otherwise deal in Kina in such volumes as determined by the Monetary Policy Committee; and
(c) to issue directions to buy, sell, discount and re-discount bills of exchange, promissory notes, treasury bills and other instruments; and
(d) to issue directions to buy, sell and otherwise deal in Kina, foreign currency, gold and other precious metals; and
(e) to issue directions on other operations in financial markets in line with the formulation of monetary policy.

MEETINGS OF THE MONETARY POLICY COMMITTEE

  1. The Committee shall meet as often as the business of the Committee requires at such times and places as the Committee determines, however, in any event not less frequently than once every three months.
  2. At a meeting of the Committee, the Chair shall preside, or in the Chair's absence, the Deputy-Chair.
  3. At meetings of the Committee, the quorum necessary for the transaction of business is four members, one of which must be the Chair.
  4. Each member of the Committee shall have one vote.
  5. Decisions of the Committee shall be made by a simple majority of the votes of the members present.
  6. If there is a tie in votes amongst the members of the Committee, the Chair of the Committee shall have a casting vote.
  7. The casting vote of the Chair shall only be exercised to resolve any deadlock in decision-making.
  8. The Committee shall cause minutes of its meetings to be recorded and kept.
  9. Subject to the Central Banking Amendment Act 2024, the Committee may regulate its own meeting procedure.
  10. Meetings may be held virtually, and members may participate in meetings virtually.

MEMBERSHIP OF THE MONETARY POLICY COMMITTEE

(1) The Monetary Policy Committee consists of -
             (a) the Governor, who shall serve as the Chair of the Committee, ex-officio; and
             (b) the Deputy Governor responsible for policy, ex-officio; and
             (c) three non ex-officio members who are appointed by the Head of State, acting on the advise of the Minister responsible for treasury matters, by notice in the National Gazette.

The current Monetary Policy Committee (MPC) members are:

Ms. Elizabeth Genia (ex officio)

Governor and Chair of the MPC


Mr. Jeffrey Yabom (ex officio)

Deputy Governor


Mr. Scott Roger (non ex officio)    

formerly with the Monetary Authority of Singapore & IMF


Mr. Dairi Vele (non ex officio)

resigned from the main Bank Board when he was appointed to the MPC


Professor David Kavanamur (non ex officio)    

formerly on the main Board, appointed to the MPC