PNG’s kina has continued to fall against its major trading currencies, and is now at levels below those of September 2013, following a brief rally in late 2013 and early 2014.
Banking & Finance
Papua New Guinea’s proposed Sovereign Wealth Fund was intended to stabilise the kina and secure assets for the future. But, as Paul Barker from the Institute of National Affairs argues, the government’s borrowing plan for Oil Search shares may jeopardise the fund’s effectiveness.
Kina Group has launched Papua New Guinea’s first non-bank EFTPOS cash card.
Microfinance has grown considerably in PNG in the past few years. Business Advantage PNG talks with Tony Westaway, Managing Director of Nationwide Microbank, about the transformative power of microfinance and the sector’s rapid growth.
The new Chief Executive Officer of Papua New Guinea’s largest superannuation fund has hit the ground running. Business Advantage PNG met up with Garry Tunstall to discover his plans for Nambawan Super.
Bank of South Pacific says it will be closely monitoring next week’s Budget for any opportunities to get involved in infrastructure development, after posting an after-tax profit of US$ 40.4 million (K105 million) last quarter.
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Infrastructure the next key investment area: Kina Asset Management
The great untapped investment area in Papua New Guinea is infrastructure, according to Syd Yates, Executive Director of investment fund Kina Asset Management Limited (KAML).
With Papua New Guinea’s Sovereign Wealth Fund (SWF) due to receive its first revenues next year, the Governor of the country’s central bank has given his approval. Meanwhile, the International Monetary Fund has sounded a note of caution.
After negotiations which have lasted since January, Bank of South Pacific (BSP ) and Credit Corporation have entered into a ‘Share Sale and Purchase Agreement’, whereby BSP will acquire of Credit Corporation’s financial services businesses, if Credit Corporation’s shareholders approve.
Papua New Guinea finance company Moni Plus is in expansion mode, after launching a state-of-the-art online foreign exchange service earlier this year.