l wilson kamit : new commemorative banknotes and coins in papua new guinea speech by mr l wilson kamit, cbe, governor of the bank of papua new guinea, at the launch of the banknotes and coins to commemorate the 35th anniversary of the bank of papua new guinea, port moresby, 7 november 2008. * * * thank you for accepting the invitation to join us at the bank of papua new guinea to celebrate this important occasion. there are two important dates on our calendar we acknowledge each year. on 1st november 1973, soon after self - government and almost 2 years before independence, the bank of papua new guinea was established as the central bank of the emerging nation and a young mr henry torobert ( now sir henry torobert ) was appointed the first governor. the new secretary for finance then was mr mekere morauta ( sir mekere morauta ). the tasks before the two former governors and particularly the bank was to develop and pursue appropriate fiscal and monetary policies, adopt best practices in supervision of an infant financial system and introduce our own national currency. such were the challenges. the bank continues to face challenges and at times is compelled to undertake tasks outside of its core functions and these have been most satisfying. for instance, we were equity partners in starting up 2 commercial banks in the 1980s. in the 1990s, we were involved in the establishment of the port moresby stock exchange and the governor was a director from its inception till june 2008. our role was to nurture the financial institutions from their establishment and once they were operational the bank would exit. we have also been averse to readily accepting new responsibilities not because we cannot or do not want to but because we should limit ourselves to achieving the best in our core functions rather than the “ next best ” in undertaking too many roles and tasks. the bank ’ s independence is as far as making monetary policy and supervision decisions but any independent central bank must necessarily work with its stakeholders. the bank could not have progressed thus far on its own and we must acknowledge the contributions from the board of directors of the bank, different government officials we work with – minister patrick pruaitch mp, secretary tosali and executives and officers of the financial system we interact with on a daily basis. we have auditors, accountants, and lawyers who have assisted us reach many of our goals. out dedicated staff and their supportive families are also commended. the other important date on our calendar is 19 april of each year. this day in 1997

felipe m medalla : re - anchoring and securing inflationary expectations in a challenging environment speech by mr felipe m medalla, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the philippine economic briefing, london, 25 january 2023. * * * friends of the philippines ; ladies and gentlemen ; and our partners in the international banking community, good day. let me begin by saying that the central bank of the philippines is an independent central bank. this [ independence ] is enshrined in the philippine constitution and implemented by the passage of a law, creating the bangko sentral ng pilipinas ( bsp ) in 1992. [ the bsp ], later on, became an inflation - targeting central bank, after new zealand and australia. it is independent because once [ bsp officials are ] appointed, it is hard to remove us. and it is independent because there is only one member of the cabinet, usually the secretary of finance, who is represented in the [ monetary ] board. by and large, i have been on the monetary board for nearly 12 years, and there has not been a single case where the government intervened when we close a bank [ to maintain financial stability ] and, of course, in the area of monetary policy. there are no messages from the president on what he wants the interest rate to be. three pillars of philippine central banking let me now say that we have three very important pillars - price stability, financial stability, and an efficient and safe payments and settlements system. i will go quickly to the two [ pillars ] because it is very hard to do justice [ in the short time i have ], but it is easy to describe. financial stability is [ when ] the banks are well - capitalized. our regulation forces the banks to put up more capital when they [ their operations ] apparently are riskier. our supervisors determine which banks are risky and taking on more risk than others. we have a very, very stable banking system because of our regulations. on the other hand, the payment system, as already described in the video, is fast becoming very digital. for instance, our goals of 70 percent of adults having their own transaction accounts and 50 percent of transactions being digital are very, very achievable. of course, the pandemic helped that happen. we have a fast payment system, called instapay, and it [ instapay transaction