It was a historic moment for the Bank of Papua New Guinea (BPNG), as the Prime Minister announced the appointment of its First Woman Governor in Ms. Elizabeth Genia. Ms. Genia has been acting in the role of Governor of the BPNG since January 2023 and was officially appointed by the National Executive Council. In making this announcement, an elated PM James Marape conveyed the confidence that the government places in the women of Papua New Guinea, saying it was through her work over the last 40 years that progressed Ms. Genia up the rank, to be picked as a qualified candidate. PMJM also highlighted the government’s commitment for greater collaboration and cooperation with the BPNG to address persistent issues such as national fuel security, foreign exchange, and the proper organization of the Credit Guarantee Corporation, launched in 2022, to sustain and boost the growth of the small to medium enterprise (SME) sector. “The Government will respect the independence of Central Bank but use the monetary policy to support and grow the economy,” he said especially from the PNG LNG Project and mines and other export items, to beef up the country’s foreign exchange which is now at K14 billion. “This will ensure that importers have ready access to foreign exchange to import goods than wait for a long period of time,” he said. “The bank should also be encouraging resource projects to keep their export earnings onshore." “One of the country’s biggest problems over the last 10 years has been the foreign exchange issue.” Marape went onto to say the Governor and BPNG must look at the possibility of using the Chinese 'renminbi' as an alternative to the US dollar, given China’s increasing trade with PNG. “I want the bank to look at the possibility of using the Chinese currency, given our increasing trade with China.” Prime Minister Marape also wants BPNG to properly organise the Credit Guarantee Corporation, which was launched in 2022, to sustain and boost the growth of the SME sector. “I want SMEs to be properly linked to the Credit Guarantee Corporation." "The government will support with some funding for SMEs as our people want cheap, easy to obtain loans.” “This is also very much of the government’s Medium-Term Development Plan IV where we aim to have jobs created from SMEs.” In his final remarks to the New BPNG Governor, he said the Central Bank must operate with a PNG character and understanding of PNG people and banking requirements.