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.
Papua New Guinea businesses still face serious forex delays, despite interventions
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23 May 2024 by 1 Comment
Forex, debt and governance: the IMF assesses Papua New Guinea’s progress
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13 Mar 2024 by Leave a Comment
A year ago, the International Monetary Fund commenced a program in Papua New Guinea, focused on improving government debt, foreign exchange shortages and governance. Business Advantage PNG sits down with the IMF’s Resident Representative in PNG, Sohrab Rafiq, to discuss progress on these three critical issues.
‘Cautiously optimistic’: BSP CEO sees improved conditions as Papua New Guinea’s resources projects ramp up
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28 Feb 2024 by Leave a Comment
How does Papua New Guinea’s largest bank see the outlook for business this year? In this exclusive interview with Business Advantage PNG, BSP Financial Group’s CEO Mark Robinson assesses the trends, risks and opportunities, and how factors such as foreign exchange and a devaluing kina will play a part.
Opinion: Is Papua New Guinea’s kina really depreciating?
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9 Feb 2024 by Leave a Comment
Amid fears of further declines in the value of Papua New Guinea’s currency, the kina, economists Bobby Kunda and Stephen Howes analyse how the kina has been performing against all its key trading currencies – and come to some surprising conclusions.
Economic growth is key to easing foreign exchange crunch, says Bank of Papua New Guinea Chairman
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31 Jan 2024 by Leave a Comment
Chairman of the Bank of PNG, David Toua, talks exclusively about reforms to the central bank, the foreign exchange situation, interest rates and the phasing out of bank cheques.
Better times ahead on foreign exchange, says Bank of Papua New Guinea Acting Governor
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11 Oct 2023 by 2 Comments
September was another tough month for availability of foreign exchange in Papua New Guinea, but central bank Acting Governor Elizabeth Genia has moved to reassure business that the bank is committed to supporting the kina as it adjusts to a lower level against the US dollar. She’s also flagging better times ahead on forex.
Bank of PNG changes tack on foreign exchange, but will it follow through? [opinion]
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26 Sep 2023 by Leave a Comment
Three welcome recent speeches from representatives of Papua New Guinea’s central bank suggest that it is starting to set out its plans for reform of the country’s troubled foreign exchange system, observes Stephen Howes. He suggests what should happen next.
Six things business needs to know about Papua New Guinea’s economy [analysis]
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14 Sep 2023 by 2 Comments
Westpac’s Senior Economist Justin Smirk has been studying Papua New Guinea’s economy for over 20 years. He recently provided the 2023 Business Advantage Investment Conference with six things businesses should understand about PNG’s economy, as we wait for the next wave of resources investment to begin.
No hard devaluation of the kina, says Bank of Papua New Guinea Governor
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21 Aug 2023 by Leave a Comment
With a new strategy to manage Papua New Guinea’s foreign exchange shortages expected soon, the Bank of Papua New Guinea’s Acting Governor, Elizabeth Genia, has moved to reassure business leaders that a devaluation of the country’s currency is not on the cards.
Papua New Guinea’s currency flagged to continue ‘gentle’ fall
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5 Jul 2023 by Leave a Comment
The Papua New Guinea kina is starting to experience a very gradual erosion against its key trading currency, the US dollar.
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