Prime Minister James Marape says he will instruct Treasurer, Ian Ling-Stuckey to meet with the Central Bank to deter them from their decision to discontinue private sector cheques by December 31, 2023.
Prime Minister Marape acknowledged that the Central Bank does operate at arms-length from the Government, and the government can only make recommendations to the Central Bank, even though it cannot direct their decisions.
Marape says, “Central Bank operates at arm’s length from us. We don’t direct them but we recommend. In this issue of canceling use of cheques. I concur with the public concern raised.
“I concur with the fact that we are not ready, cheque-less ready as an economy. Greater part of our people transact in cash. Greater part of our people feel safe and secure with the use of cash in our economy.”
The Prime Minister made this statement in response to questions posed by East Sepik Governor, Allan Bird.
Marape says it is in the interest of public interest and for the security of the people and the country’s economy to have a dialogue with the Central Bank.
Furthermore, Marape says the Central Bank’s concerns regarding money laundering in the country is valid. He highlighted the existence and role of the Independent Commission Against Corruption (ICAC) and encouraged those concerned about domestic corruption to consult with ICAC to utilize their expertise.
He says the government has in place adequate checks and balances that the Central Bank need not worry about money laundering.
PM Marape says the Treasurer will meet with the Central Bank to ensure that this discontinuation of private sector cheques decision is not implemented.