Papua New Guinea reforms central bank and forces out governor
Law changes board and policy framework, and allows central bank financing
A wide-ranging reform to Papua New Guinea’s central bank law has provoked criticism from former governor Loi Bakani, who was effectively forced out of office by its provisions.
The Central Bank (Amendment) Act 2021 was passed in a single day by the country’s parliament on December 2. The leader of the opposition supported the measure, and it appears to have passed unanimously.
The law reduces the governor’s term from between five to seven years to four years. It also limits the governor to two
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