Loi Bakani from West New Britain Province is the new Governor of the Bank of Papua New Guinea.
Mr Bakani who has been deputy governor for policy and regulations replaces Sir Wilson Kamit who has been the head of the central bank since 1999.
Sir Wilson is being replaced after a two year term in office as Governor of the bank.
Sources close to the central bank confirmed that Mr Bakani was appointed head of the bank by the board and a formal announcement would be made once all formalities are completed.
They said media reports stating another deputy governor was appointed to head the central bank were false.
Sources confirmed that Mr Bakani’s appointment will be for a seven year term.
It is understood that Treasury Secretary Simon Tosali with his vast understanding of the country’s economy was also a front runner for the job.
The source said Mr Bakani was the right man for the job and the board saw it fit to appoint him.
The Bank of Papua New Guinea is a corporate organisation and was established by the Act of Parliament (Central Banking Act, 1973) which defines its powers and functions.
It commenced its operations on 01 November 1973 as the country’s central bank with activities governed by the following statement of objectives.
Since its inception in 1973 the bank has been under the administration of six different governors. The first and the longest serving Governor of the Bank is Sir Henry ToRobert who served the bank since its inception in 1973 to 1993 for about 20 years.
His successor was current Opposition Leader Sir Mekere Morauta who was in office for about 15 months from July 31, 1993 to September 15, 1994.
He was replaced by the late Koiari Tarata who served from September 15, 1994 to April 8, 1998 for a period of three years and seven months.
John Vulupindi replaced Mr Tarata as the Governor and served in that post for only four (months) in 1998 before being replaced by late Morea Vele.
In 1999 the bank saw a career central banker in Leonard Wilson Kamit took over from Mr Vele.
SOURCE: POST COURIER/PACNEWS
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