Bank of Papua New Guinea

BPNG undertakes simplified ID project

Bank of PNG Governor, Loi Bakani, said the project aims to simplify the ID process making financial services available to people in rural communities.

Speaking at the NASFUND Savings & Loans Rebranding Launch, Governor Bakani said the Know Your Customer Project will assist people in rural communities.

“Identification is a big issue for our simple rural people in the village so that’s our next project. And we are working very hard to have a simplified and standardized way or system of identification,” said Bakani.

Bakani warns against paper banknotes

“The public is reminded again that banknotes (K2, K5, K10, K20, K50 and K100) made from paper ceased to be legal tender on 30th June 2012. Any paper banknotes do not have value anymore, and should not be accepted and used,” BPNG Governor Loi Bakani said.

“The Bank is aware that there are paper notes in the hands of some people attempting to exchange them for polymer banknotes.

Government plans to extend exchange of paper money

Prime Minister Peter O’Neill when responding to Deputy Opposition Leader Sam Basil’s questions today in Parliament said he will be asking the Treasurer to extend the dates.

However, O’Neill said the extension will involve risks as large amount of counterfeit paper notes have been circulating and the extension might cause those involved to change the notes.