When designing our new Central Banking Act, we had the opportunity to access assistance from the International Monetary Fund (IMF) and the World Bank We also looked at the British, Australian, New Zealand, Israel, Hong Kong and Singapore experiences. Whilst we consulted widely, the new legislation was our own product, using the world’s best practises but tailored to PNG’s conditions.
It is not a mirror image of other legislations and is at the forefront of financial sector legislation. The Central Banking Act 2000 was enacted by Parliament in April 2000. It had the following features that give greater central bank independence.