Bank of Papua New Guinea (BPNG)

PNG’s major exports affected: BPNG

This was revealed in the Bank of Papua New Guinea’s Quarterly Economic Bulletin for 2019.

According to the Bank of Papua New Guinea’s Quarterly Economic Bulletin for 2019, most prices and production of agricultural commodities fell, affecting foreign exchange inflows into the domestic market.

Its spill-over effect to the non-mineral sector was evident as import orders continue to remain high. 

During the quarter, the weighted average kina price of PNG's export commodities, excluding LNG, increased by 3.3 percent.

BPNG buys national electronic payments switch

The contract signing is the first step toward implementing the Retail Electronic Payments System (REPS), an initiative launched by BPNG in late 2015 as the next phase in the development of the National Payment System (NPS) and its drive for Financial Inclusion in PNG.

REPS follows on from the successful implementation of the KATS inter-bank electronic payment system which has been fully operational since February 2015.

Annual headline inflation decreases: BPNG

In its Quarterly Economic Bulletin for June 2017, the Central Bank says over the four consecutive quarters to June 2017, annual headline inflation trended downward.

Despite total inflation increasing for the June Quarter at 1.2 percent, compared to a 1.1 percent increases in the March Quarter, the Bank states that annual headline inflation continues on a downward trend.

The Bank further said this trend continued to September 2017 with annual inflation at 5.1 percent.

BPNG to reduce unbanked population

BPNG governor Bakani said the central bank aims to roll out financial inclusive programs around the country to reduce the large percentage of unbanked population.

“With the help of these programs, we will reduce the figure from 80 to below 50 percent in the near future because our financial inclusion programs are implemented in the country through banks and financial institutions,” Bakani said during the opening of a two-day financial exposition in Mt Hagen last Friday.