On 1st November 1973, soon after self-Government and almost 2 years before independence, the Bank of Papua New Guinea was established as the Central Bank of the emerging nation and a young Mr Henry ToRobert (now Sir Henry ToRobert) was appointed the first Governor. The new Secretary for finance then was Mr Mekere Morauta (Sir Mekere Morauta).
Set against this are some risks to the upside, stemming mainly from the fiscal expansion in the United States and, more in the medium term, from likely fiscal expansions in several countries in the euro area. We will continue to monitor these developments closely.