This occasion marks another milestone in the development of the financial system in PNG, which is within the heart of the Central Bank’s function as a Regulator of the financial system. The main functions of the Bank of Papua New Guinea, as a Regulator, are stipulated in the Banks & Financial Institutions Act 2000.
These, among others, are: -  to promote general stability and effective working of the financial system; and  -  to supervise the financial institutions authorized by it. Noting from the above functions, the Bank is not mandated to undertake development activities.