Don’t review Central Bank Act on political motives: O’Neill

IALIBU-Pangia MP Peter O’Neill has urged the Government not to review the Central Bank Act on political motives.
“I welcome the current review on the Central Bank Act but, I don’t like the political appointees behind the review because it is dangerous for the country and also dangerous for our economy,” he said.
“At least we have one independent body (Central Bank) functioning in monitoring our monetary policy.
“The Government must stick to the fiscal policy.
“That is where your (Government) responsibility is.
“Don’t overstep your mark.
“And this is where we need to be careful in making sure that our economy is protected because if we do want our economy to be performing, then we have to protect it.
“If we don’t, then there will be no jobs and that is what is precisely happening today.”
O’Neill also brushed aside suggestions from Treasurer Ian Ling-Stuckey implying that his (O’Neill’s) government had interfered with the Central Bank governor’s responsibility.
“That is not true,” O’Neill, the former prime minister, said.
“We have always respected the independence of the Central Bank.
“There was no correspondence or direction with the Central Bank because Central Bank is solely responsible for our monetary policy and that must be respected.”