Independent Advisory Group

The Independent Advisory Group (IAG) was created by the Treasurer, the Hon. Ian Ling-Stuckey, with Mr Robert Igara, former Chief Secretary as the Chair. Sir Wilson Kamit, former Governor of the Bank of Papua New Guinea and Professor Stephen Howes of the Development Policy Centre at Australian National University (ANU) are the two other founding members. The IAG has been tasked with reviewing the 2000 Central Banking Act and making recommendations to government.

In 2021, we published our ‘Review of the Central Banking Act 2000 Phase One Report,’ providing thirty-one recommendations for changes to the 2000 Central Banking Act (CBA). The IAG’s report identifies several areas where the Bank of Papua New Guinea has done well and where it has had significant problems that must be addressed. The recommendations include closing a loophole in Section 55 of the CBA, returning to the traditional policy of currency convertibility, establishing a stronger board, and expanding competition in the financial sector, as well as emphasizing the need to strengthen the Bank of Papua New Guinea’s independence, increase accountability, and reduce discretion.

You may download the report.

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