BSP wants another US$100–200 million foreign exchange injection, Air Niugini expects local business benefits from Rugby League games, and gold refinery to expand. Your weekly digest of the latest business news.

BSP CEO Robin Fleming has told The National it would be ‘a good signal of confidence’ if another US$100-200 million was made available to clear the foreign exchange backlog. He says BSP cleared about K200m in the last two weeks, after the Bank of PNG injected US$80 million (K256m) into the market. He also said it is important to grow the agricultural sector if the country is to be better insulated from foreign exchange issues. He noted that the coffee export season has been weak.

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Port Moresby businesses are expected to reap economic benefits when the city hosts three games during the Rugby League World Cup from 28 October. Air Niugini CEO Simon Foo told The Post-Courier that he expects an influx of passengers to Port Moresby, as well as passenger traffic heading to Australia for the finals series. The Stanley Hotel has confirmed that it will be the venue for all the competing teams.

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Crater Mountain. Credit: Crater Gold

An independent report says the Crater Mountain gold site, which is approximately 50 kilometers southwest of Goroka in Eastern Highlands Province, ‘has significant exploration potential’ and that exploration should commence.

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Treasurer Charles Abel has said that government salaries are now being reviewed through an audit process, which includes a freeze on the hiring of public servants and the identification of departments and agencies that can be amalgamated. He says all public servants will be required to register for a national identity card by the end of the year.

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Oil Search has recorded sales revenue of K1, 208.85 million ($US380.8million), which is a 15 per cent increase in the third quarter of 2017 compared to its second quarter performance. Managing Director Peter Botten said delivered an all-time record quarterly production of 7.91 mmboe in the third quarter, taking production for the nine months to 30 September 2017 to 22.72 mmboe.

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The Rubber Board of Papua New Guinea plans to introduce a rubber alternative to bitumen roads. Chairperson Josephine Kennie, reportedly said that the Board plans to develop a rubber bitumen plant in Lae, in Morobe Province. There are also plans to help repair the ailing road network.

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Eda Ranu and Water PNG will be merged to become the National Water Sanitation and Hygiene Authority. Planning Minister Richard Maru reportedly says the move will save K10 million annually.

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PNG Ambassador to Indonesian Peter Ilau says exports to Indonesia increased to K69.71 million in the fourth quarter of 2016, up from K54.69 million in the previous quarter. Imports from Indonesia were K367.38 million in 2016, he said. PNG exports mostly commodities to Indonesia, such as: vanilla, cocoa and other cash crops.

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ANZ’s Mark Baker

ANZ CEO Mark Baker has reportedly told the Lands Dept that more competition could be created between the banks by processing the transfer of land titles more quickly. Meanwhile, BSP CEO Robin Fleming has reportedly urged employers to help staff take out housing loans, ‘by increasing some of their allowances’.

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Gas and safety gear supplier BOC Gas is to build a new facility in Lae. Managing Director John Evans reportedly says, BOC is still achieving between five and 10 per cent growth, despite intensifying competition.

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More than 100,000 people in Gulf Province will now access television services following an agreement between the Provincial Executive Council and Click TV. Click TV Managing Director Richard Broadbridge says programs will include a 30-minute weekly programme dedicated to the work conducted by the provincial government.

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Sir Hubert Murray Stadium. Credit: EMTV

And finally, work on Port Moresby’s unfinished Sir Hubert Murray Stadium is likely to recommence soon. The Post-Courier reports work ceased in 2015 due to the government’s unwillingness to stay the course of the agreement, which had been signed with Curtain Brothers.