BPNG launches commemorative stamps

Caption:   Acting Secretary for Treasury receiving a framed portrait of his father and former BPNG governor the late Morea Vele.  

By MATTHEW VARI

Wednesday, December 17, 2014 (Midweek Chronicle, PNG)

THE Bank of Papua New Guinea (BPNG) launched a set of personalized stamps as part of its 40 years anniversary to commemorate former governors and the current governor for their contribution in growing the country’s banking regulator, last week at its head office.

Governor for BPNG Loi Bakani said that the occasion was a small but significant way for them to celebrate our 40 years celebration of their existence in Papua New Guinea.

He said that milestone to place on record the history creating personnel of the institution, in terms of policy making and the growth of the central bank, which is known as the Bank of Papua New Guinea in the country.

“With the celebration of our existence we are proud to include this as part of that, and I would like to thank Post PNG for coming up with a marvelous proposal without hesitation we accepted,” Governor Bakani said.

“It is a way of creating awareness and accepting policy makers before that help in our creation and ongoing existence.

“The bank was established in 1973 November 1, by an Act of Parliament, as one of the important nation building institution in preparation for PNG gaining political independence.”

Bakani informed those present that a lot of people do not know what they do and how it is done.

He said the bank had, however, over the last year initiated awareness with many now knowing about the institution that is owned by all 7.3 million Papua New Guineans.

“The financial system has developed over those years, during those times a new financial system emerged with new economic thinking,” Bakani said.

“The four main objectives of the bank are monetary policy, supervise the financial system, thirdly is to regulate the payment system, and fourthly to support the government in economic growth for the country.”

The commemorative stamps feature all six former governors along with the current being Mr Bakani

“Sir Henry ToRobert is the first governor coming out from the bank of Australia trained as a young cadet and served from 1973 to 1993 for 20 years- he is one of the longest serving governors in the Commonwealth of Nations,” the governor said.

“Then came Sir Mekere (Sir Mekere Morauta) from Gulf Province, he served from 1993 to 1994, was the first secretary for Finance during independence and serve as MD (Managing Director) for PNGBC from 1973 to 1993- followed by the late Koiari Tarata, serving from 1994 to 1998, former secretary for Finance and Treasury.”

Others were the Late John Vulupindi from April 1998 to July 1998- Morea Vele served from July 1998 to August 1999, followed by Sir Wilson Kamit, who served from 1999 to 2009, he became the second career Central back governor after Sir ToRobert.

He added that the bank would continue the arrangement with Post PNG for the next 10 years to look back and put the faces of the heads of the institution for people know who are running such an institution.

The occasion also saw the presentation of portraits of the late governors to family members to pay tribute to them, one of whom included the current Acting Secretary for Treasury Dairi Vele.

Stamps are now available and released and available in Port Moresby Post offices and those nationwide to be purchased by customers.