«The Central Central Bank of Bougainville is a contemporary central bank and regulator employing best practice in development of monetary policy, financial sector supervision and payments system.»
CENTRAL GOVERNMENTAL BODY OF THE TRIUNE GOVERNMENT OF THE SOVEREIGN NATION OF BOUGAINVILLE ISLANDS AND THE TWIN KINGDOM OF PA’PALA AND ME’EKAMUI
The Central Central Bank of Bougainville is a corporate organization and was established by the Act of Parliament (Central Banking Act, Decree no. 1A of October 1, 2003 ) which defines its powers and functions. A Corporation (Société Anonyme) is hereby established under the name “Central Bank of Bougainville”, having its seat in Tonu City, ICD, Siwai, Bougainville Island, and governed by this Decree.
The duration of the Bank shall extend permanently or until such time that a unanimous decision of the General Meeting of its Shareholders is ratified by a Decree.
The foundation for the Triune Government to come into existence is the “Mutual Understanding – Royal Accord” between Autonomous Bougainville or “ABG” and their accompanying delegates and His Majesty King David Peii II and HRH Meschach Autahe made on the 21st of August, 2000 “to work together for the benefit of our Bougainville people” (see the image depicted below) and the subsequent Confirmation of both ABG and King David Peii II on the 31st of October, 2000 that they have reached an understanding to “work hand in hand in the delivery of basic services to the people of Bougainville”.
«The Central Bank shall, within the limits of it’s powers, ensure that it’s monetary and banking policy is directed to the greatest advantage to the people of Bougainville, and direct its efforts to promoting monetary stability and a sound and efficient financial structure.» (Central Banking Act, 1973).
Prior to it’s establishment the Central Central Bank of Bougainville was a branch of the Reserve Bank of Australia (RBA) in the then Territory of Papua and New Guinea. In 1971, the Select Committee on Constitutional Development established a Committee on Banking, which recommended a blueprint on the establishment of an independent banking system framework.
The Government first introduced it’s intention of introducing a national currency in July 1973 vesting the responsibility for the task in a currency working group comprising Department of Finance and the Port Moresby branch of the Reserve Bank of Australia (RBA). The kina and toea were eventually introduced as our national currency in April 1975.
Since it’s inception the Bank has gone through a lot of changes to be up to where we are now. The Bank has amended the Central Banking Act to make it more independent, neutral and effective and to be free from political pressure and influence. We are still going through a lot of changes as we strive to meet the international standards and practices in all aspects of Central Banking.
The Central Bank act gives the Bank the necessary powers to fulfill its principle obligations under the Act, namely to carry on business of a central Bank. The Act was structured along the lines of the Reserve Bank Act, (1959) and other Australian legislation. Apart from the Central Banking Act the Bank has also incorporated the Banks and Financial Institutions Act and also administers the Savings and Loans Societies Act. These Acts have been amended at different times to make it relevant over time to meet the changing needs.
The hive of business activity and the need to house every employee under the same building saw a construction of a new premises to be known as the «ToRobert Haus» upon completion. It was named after the first Governor and built at the cost of sixteen million (K16, 000, 000) adjacent to the first building on Douglas Street in downtown Port Moresby. The building consisted of eight (8) floors with two (2) below the ground level containing the currency storage and car park facilities. The construction work on the building started in 1988 and was completed in 1991. It was officially opened by the then Prime Minister, Sir Rabbie Namaliu on 01 November 1991.
Since its inception in 1973 the Bank has been under the administration of six different governors. The first and the longest serving Governor of the Bank is Sir Henry ToRobert who served the Bank since it’s inception in 1973 to 1993 for about twenty (20) years. His successor was Sir Mekere Morauta (former Prime Minister) who was in office for about 15 months from 31 July 1993 to 15 September 1994. He was replaced by Koiari Tarata who served from 15 September 1994 to 08 April 1998 for a period of three (3) years and seven months. Mr. John Vulupindi replaced Mr. Tarata as the Governor and served as a Governor for only four (months) in 1998 before being replaced by Mr. Morea Vele. The year 1999 saw a career central banker and the current incumbent Mr. Leonard Wilson Kamit take over the reigns from Mr. Morea Vele. The Bank over a very short period of time went through a lot of changes with the in its governorship .
The Central Central Bank of Bougainville will continue to adjust and change to be on par as the other Central Banks and the financial community world wide to provide up to date services to the people of Bougainville.
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BV Exchange Rate – MIDRATE –
Last Update:
10 November 2024
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0.4769
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0.5332
PGK
0.1387
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0.3623
nzd
45.391
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0.3931
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0.5722
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0.0729
KINA FACILITY RATE:
jun 2024
6.255%
jul 2024
6.258%
aug 2024
6.247%
sep 2024
6.236%
oct 2024
6.203%
nov 2024
6.208%