Authorised foreign exchange dealers must fully clear essential trade and services orders before executing any orders for non-essential items such as dividends, under a new directive issued by Papua New Guinea’s central bank. Business Advantage PNG finds out what this means for businesses.
Bank of Papua New Guinea issues new directive on forex order priorities
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19 Nov 2024 by Leave a Comment
Bank of Papua New Guinea program aims to generate funds for green projects
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23 Oct 2024 by 2 Comments
The Green Finance Centre was founded this year under the aegis of the Bank of Papua New Guinea, with the aim of creating a framework to facilitate investments in areas such as renewables and climate resilience. Its head Mohinesh Prasad shared the centre’s plans and progress in a speech to the 2024 Business Advantage PNG Investment Conference.
Opinion: A fix to PNG’s kina and forex woes
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25 Sep 2024 by 6 Comments
The Bank of Papua New Guinea and the International Monetary Fund believe continued depreciation of the kina is the way to alleviate the country’s ongoing foreign exchange shortages. ANZ economists Kishti Sen and Tom Kenny argue there are better alternatives.
Editorial: Domestic investors fill the gap while Papua New Guinea awaits next wave
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10 Sep 2024 by 2 Comments
Forex shortages in PNG have acted as handbrake on both economic growth and foreign direct investment over the past decade, according to the IMF. However, domestic and concessional investors have been stepping in to keep PNG’s economy moving.
Opinion: Papua New Guinea’s foreign exchange challenges
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27 Aug 2024 by Leave a Comment
David Toua, Chairman of the Bank of Papua New Guinea, details how the central bank is tackling the economy’s most pressing issues, including foreign exchange, government debt, and the digital future of banking.
Papua New Guinea banks report substantial fall in forex waiting times
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15 Aug 2024 by 2 Comments
Waiting times on foreign exchange orders have been falling substantially on central bank interventions and other factors, senior representatives of BSP Financial Group, Kina Bank and Westpac Papua New Guinea reveal to Business Advantage PNG.
Day 1 report from the 2024 Papua New Guinea Investment Conference
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13 Aug 2024 by Leave a Comment
Day 1 of the 2024 Business Advantage PNG Investment Conference featured top speakers from across the business sector, including Kumul Petroleum Holdings’ Wapu Sonk, Bank of Papua New Guinea Chairman David Toua and the IMF’s Sohrab Rafiq, who spoke of the positive impact of the central bank’s new approach to managing foreign exchange.
People moves: Treasury, Bank of Papua New Guinea, World Bank, Datec PNG, IFC and Port Moresby Nature Park
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2 Jul 2024 by Leave a Comment
Treasurer reinstated and Bank of Papua New Guinea appoints new Financial Analysis and Supervision Unit (FASU) Director.
Papua New Guinea businesses still face serious forex delays, despite interventions
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23 May 2024 by 1 Comment
PNG banks and businesses tell Business Advantage PNG of considerable variation in wait times for foreign exchange, as the country’s central bank acknowledges the economic damage caused. We look at the prospects for improvement.
Economic update: Papua New Guinea’s decade of growth begins
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9 Apr 2024 by 1 Comment
As part of extensive in-country research for the newly-released 2024 edition of the Business Advantage PNG annual magazine, our editorial team spoke exclusively to dozens of Papua New Guinea business leaders to understand how they are preparing for imminent growth – and what challenges they face. Here’s what they told us.
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