The Ok Tedi Development Foundation (OTDF) and the Centre for Excellence in Financial Inclusion (CEFI) today (Tuesday 12th March) officially entered into a Memorandum of Understanding (MoU). This agreement solidifies their collaboration to implement a Financial Literacy Program aimed at empowering small and medium enterprises (SMEs) and women-led SMEs in s...

PNGX Group, operator of Papua New Guinea’s national stock exchange, is pleased to announce that it has received advice from the Internal Revenue Commission (“IRC”) that, having looked into the taxation treatment of the various PNG residents impacted by the establishment of depository interests (“PDIs”), the IRC is satisfied that the existing tax treatment...

Treasury has recently approved the Manus Provincial Government Budget of K180,594,462, presented last week to Prime Minister Hon. James Marape. Prime Minister Marape said the Manus provincial budget, and the budgets of Enga, New Ireland Province and the Autonomous Region of Bougainville have been approved. Governor Hon. Charlie Benjamin presented th...

The Credit Guarantee Corporation Limited (CGC) is pleased to announce the signing of groundbreaking agreements with ten leading financial institutions in the country aimed at providing critical credit guarantees to support small and medium-sized enterprises (SMEs) in Papua New Guinea (PNG). These landmark agreements reinforces CGC’s commitment to bolst...

Prime Minister Hon. James Marape announced recently the historic appointment of Ms. Elizabeth Genia as the first woman Governor of the Bank of Papua New Guinea (BPNG). Ms. Genia, who has been serving as the Acting Governor of BPNG since January 2023, was officially appointed by the National Executive Council (NEC). “I am pleased to announce the histori...

Prime Minister Hon. James Marape expressed his wholehearted endorsement for the groundbreaking K27.377 billion 2024 Budget, presented in Parliament by Treasurer Hon. Ian Ling-Stuckey. The budget, anchored in the theme ‘Securing Our Future,’ reflects a commitment to propelling Papua New Guinea into economic prosperity with pro-development focus as well as ...

The Central Provincial Assembly sat for its third assembly meeting and presented its Ministerial Statements on Friday 16th of November on the floor of the Central Provincial Assembly chambers. Two most notable statements presented were the Central Provincial Government’s (CPG) Revenue and Expenditure Performance against the 2023 Annual Budget with key ...

The global financial landscape has seen a rapid transformation in the last decade, driven by a growing emphasis on environmental sustainability. In this new era, institutions, businesses, and individuals are increasingly recognising the rewards from integrating environmental, social, and governance (ESG) factors into their investment decisions. This co...

Business sentiment is apprehensive due to service disruptions, lower foreign exchange (FX) inflows, likely delays in project commencement and the kina depreciation, according to BSP’s Quarter 3 2023 Pacific Economic & Market Insights report. BSP’s Group General Manager for Corporate Banking, Mr. Peter Beswick, says “recurring power and water supply...

“Foreign exchange (FX) market inflows in Q3-23 fell 16% from Q2-23 to K6 billion, with almost 18% of FX inflows coming from BPNG FX intervention,” according to BSP’s Quarter 3 2023, Pacific Economic & Market Insights report. “In 2023, FX inflows have risen 19% to K18.7b due to a 79% year-on-year increase (K1.7b) in BPNG FX intervention. BPNG has su...

Depreciation of the PGK/USD midrate will benefit exporters as they receive more PGK for their goods, whilst importers will see higher prices as their cost-per-kina increases when purchasing goods overseas to bring into PNG. “A short-run risk of the PGK/USD depreciation is the potential impact on inflation levels for consumers, while the economy may ben...

In a further stride toward enhancing Papua New Guinea's capital market, PNGX Markets, the operator of the nation's stock exchange, has introduced further updated Listing Rules. The move is aimed at propelling the development of a more robust financial ecosystem within the country. With a commitment to establishing a world-class capital market that garn...

‘FX market turnover in the June quarter rose 28% from the March quarter 2023 to PGK13.9 billion, due to a 58% increase in BPNG FX intervention,’ according to BSP’s June Quarter 2023, Pacific Economic & Market Insights report. “Excluding BPNG intervention, market turnover rose 12% in the June Quarter, but remains flat (unchanged) in 1H-2023 when com...

PNGX Group, operator of Papua New Guinea’s national stock exchange, has welcomed the statement by Minister for International Trade and Investment, Hon Richard Maru MP, to seek to increase the size of the Papua New Guinean capital market to over 500 billion kina in the next 4 years. Minister Maru outlined the objective when announcing the new PNGX Corpo...

Minister for International Trade and Investment, Hon. Richard Maru announced the launching of a new Capital Market product, a Debt Security or local bonds. This Capital Market product will be available on the Debt Market immediately. The companies who want to issue bonds must contact Papua New Guinea National Stock Exchange (PNGX). “I have the powers u...

Pacific Capital Markets Development has announced that it has acquired a 12.5 percent interest in the South Pacific Stock Exchange (SPX). SPX is the national stock exchange of Fiji, based in Suva. PCMD is the majority shareholder in PNGX Group Limited, operator of PNGX Markets, Papua New Guinea’s national stock exchange. SPX and PNGX have an exis...