The Act states in clause 10, and I quote: “The Governor shall within one month of the coming into effect of this Act, and every six months thereafter, issue a policy statement setting out the monetary policy of the Central Bank to achieve and maintain price stability for the following six months” end of quote.
Monetary Policy is the central objective of the Bank of Papua New Guinea. The Central Banking Act 2000 added the Regulation of the Financial System and the Promotion of an Efficient National and International Payment Systems, as the second and third most important objectives. These three main objectives and functions are fully vested and under the control and responsibility of the Governor.