Changes to Central Banking Act dangerous

The National Letters

IT is important that the public and stakeholders in Papua New Guinea (PNG) and abroad understand the meaning of the amendments that were made to the Central Banking Act 2000 (CBA) in December 2021.
For the benefit of the layman, below is the simple meaning of the CBA amendments:

  • THE safety of the money you have in a bank account is not guaranteed;
  • THE safety of your savings in a superannuation account is not guaranteed; and,
  • THE safety of your investment in PNG is not guaranteed.

The engine room, which is the Bank of Papua New Guinea, has been damaged beyond repair.
The design of the engine, its parts and how the parts operate as a single engine to keep the ship running has been severely damaged by the amendments to the CBA.
No person can repair it .
The ship will sink any time.

Concerned