Foregn Exchange

BPNG directs FX priority for COVID-19

The Bank of PNG will also make foreign currency available directly to the National Department of Health of urgent COVID-19 relocated purchases abroad.

This is among several monetary policy measure responses by the Central Bank to the impact of COVID-19.

Another key measure is the reduction of the Kina Facility Rate (KFR) from 5 percent to 3 percent which will push interest rates down.

Commercial Banks have been directed by the Central Bank to reduce their respective Indicator Lending rates (ILR).