The greatest challenge facing Papua New Guinea’s financial system and businesses is to establish saving in the country’s mostly unbanked population. That is the message from three of the country’s top bankers.
Saving key to improving credit to Papua New Guinea business, say top bankers
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7 Sep 2016 by 3 Comments
Business Advantage Boardroom, Episode 1: Papua New Guinea’s top bankers discuss the financial services sector
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1 Sep 2016 by Leave a Comment
Papua New Guinea’s top bankers discuss the kina, foreign exchange shortages, finance for business and the future of banking services.
Top bankers set the record straight on Papua New Guinea’s foreign exchange shortage
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31 Aug 2016 by 2 Comments
Papua New Guinea’s top two bankers, Loi Bakani, Governor of the Bank of Papua New Guinea and Robin Fleming, Chief Executive of Bank South Pacific, have asserted that the kina is not ‘controlled’. The shortage of foreign exchange is rather due to supply demand imbalances—but there is light at the end of the tunnel.
Papua New Guinea’s mid-year economic report paints gloomy picture, with some positives
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2 Aug 2016 by Leave a Comment
The Papua New Guinea government has released its Mid-Year Economic and Fiscal Outlook Report. GDP growth is expected to be weak, tax revenue is lower than expected and public debt is rising above the legislated limit.
A weaker kina may make sovereign bond raising less risky, says economist
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27 Jul 2016 by 4 Comments
The Papua New Guinea authorities should allow the currency to fall to its market level to make foreign bond raisings less risky says economist Rohan Fox. He tells Business Advantage PNG that domestic banks are reaching the limits of their capacity to take on government debt, which is increasing the pressure to raise capital internationally.
Papua New Guinea’s 2015 agriculture exports less than half 2011 levels
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22 Jun 2016 by 3 Comments
Papua New Guinea’s agriculture export income in 2015 was less than half 2011 levels, according to data from Bank Papua New Guinea’s latest Quarterly Economic Bulletin. Income from palm oil exports was at its lowest level since 2009, coffee sales were less than half the level of four years ago and income from rubber exports almost halved in a year.
Five things we learned from the Bank of Papua New Guinea’s latest bulletin
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8 Jun 2016 by 2 Comments
The Bank of Papua New Guinea recently released its December 2015 Quarterly Economic Bulletin, which provides a snapshot of the nation’s economic and financial performance over 2015. Business Advantage PNG provides five key insights.
In brief: Bank of PNG pursuing foreign exchange options and other business stories
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1 Jun 2016 by Leave a Comment
Bank of Papua New Guinea negotiating with ‘partners’ about foreign exchange, Oil Search to address competition issues and Travel Air to resume operations. Your weekly digest of the latest business news.
Papua New Guinea’s central bank ‘determined’ to get foreign currency in, says Bakani
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18 May 2016 by Leave a Comment
The Governor of the Bank of Papua New Guinea, Loi Bakani, told this week’s Australia–Papua New Guinea Business Forum in Cairns that the bank is ‘determined’ to obtain more foreign currency ‘as soon as possible’ to address the backlog in foreign exchange demand. However, he criticised claims that PNG’s foreign exchange problem could be solved by allowing a free float of the kina, reports David James.
Forex exemptions granted to Papua New Guinea insurers
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27 Apr 2016 by Leave a Comment
The Bank of PNG has granted exemptions to some PNG insurance companies from the tight foreign exchange restrictions, to enable the general insurers to meet their reinsurance commitments to international reinsurers.
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