To work out outstanding issues with government payments, the Budget Management Committee (BMC) met with department heads, the Bank of PNG Governor, Loi Bakani, and BSP CEO, Robin Fleming.The BMC is composed of Chairman and Treasurer, Ian Ling-Stuckey, Finance Minister John Pundari, Planning Minister Rainbo Paita and his Vice Minister, Dr Kobby Bomareo.Lin...

Foreign exchange inflows may be lower in 2021.This is according to the bank of South Pacific, that said that this is due to the delay in an agreement between Barrick Niugini and the government on the Porgera gold mine. Chief executive officer Robin Fleming said that there were several factors that would impact the availability of foreign exchange this yea...

The availability of foreign currency in PNG is still very challenging.This, according to ANZ PNG managing director Mark Baker, who said this was because the market was still imbalanced. He added that this demand for foreign exchange was outrunning supply which came mainly from the commodity exporters of Papua New Guinea. “This is a structural imbalance an...

When the Business Council proposed two options for the Bank of PNG to move forward - trading at its market value and devaluing kina - the business space suddenly put its foot down. They claim that smaller businesses are more worried than ever and are asking the government to establish a policy framework that can help them. According to Executive Director ...

Because of the economic downturn brought about by the global health crisis, the Bank of Papua New Guinea has revised its outlook on the gross domestic product (GDP) to decline by 4%, a downward spiral from its original projection last March 2020 of 0.3 per cent. This decline is also brought about by the imposing of State Emergency, lockdown and various po...

The latest international commodity price data published by the World Bank in April 2019, show improvements for most of PNG’s export commodity prices of energy, metals and non-energy commodities, compared to actual outcomes in December 2018. Bank of PNG Governor, Loi Bakani stated that price for Liquefied Natural Gas (LNG) based on imports to Japan increas...