Lecturer: Keep foreign currency afloat

UPNG Economic Lecturer, Kelly Samof says to facilitate these purchases the country needs foreign currency on a daily basis continuously.

He explains that on the supply side, the main sources of foreign currency are receipts from exports and payments from resource companies such as royalties.

Speaking at the media briefing on Foreign Exchange (forex) today, Mr Samof said given the country’s small and relatively underdeveloped manufacturing sector, there is a high demand to import a variety manufactured goods for households and business use.

Modernising PNG’s Central Bank

In a statement, Treasurer Ling-Stuckey said following NEC’s decision on a new Acting Governor, the former Head of Financial Analysis and Supervisory Unit and former Deputy Governor, Benny Popoitai, who will be sworn in as Acting Governor.  

Ling-Stuckey said that this was the start of the reform process to modernize BPNG in improving its governance, accountability and independence.  

Accessing Financial Opportunities

CEFI Executive Director, Saliya Ranasinghe, stressed that they were able to help Papua New Guineans at the recent business, trade and investment conference between the European Union (EU) and PNG.

He contributed to the discussion on how the EU/PNG Economic partnership agreement can empower the country’s non-resource sector.

SME Finance Finder Launched

Business Link Pacific (BLP) in partnership with the Centre for Excellence in Financial Inclusion (CEFI) yesterday launched the Finance Finder online tool.

BLP is a private sector development programme funded by the New Zealand Ministry of Foreign Affairs and Trade, a New Zealand Aid Programme initiative honouring New Zealand’s commitment to supporting the economic growth of Pacific Island countries.

NSL on anti-money laundering compliance

Trustee Board Chairman, Reg Monagi made this call to BSP Financial Group Limited (BFL) to work with the Bank of PNG (BPNG) and Financial Analysis and Supervision Unit (FASU), following public statements made by BFL rejecting claims of non-compliance with money laundering laws.

Numberwan Super Limited members are 12% shareholders in BSP Financial Group Limited.

BPNG to assist financial institutions

He explained that BPNG will be working with financial institutions to assist those affected.

Bakani said loss of jobs means a loss of income and the Bank of PNG is working with financial institutions to help those affected.

One of the measures the Central Bank took was reduce the Policy interest rate, by 2 per cent. This led to banks reducing their base lending rates and associated rates and fees for products and services they offer, to allow customers to borrow at lower rates during this crisis period.

Another measure BPNG took was injecting liquidity with banks.

BPNG confirms release of K45m to Hela

Central Bank Governor Loi Bakani confirmed that to Loop PNG today.

Bakani clarified that the release of the levy was done only after the request was in compliance to the trust arrangement.

He added that as a banker, compliance to the arrangement that was put in place at the time of establishing the trust account is paramount and sufficient for them to effect the transaction.

"There are 2 trustees or signatories to the trust account and both have to sign."

BPNG warns on usage of paper notes

He advised that the people must be on look out for various security features as detailed on the K50 and K100 posters before accepting them. I

“If any of these security features do not appear on the banknotes given to you, do not accept it.

“Be alert and don’t be fooled by accepting any paper banknotes.”

Bakani added that the Bank is aware that there are PAPER BANKNOTES in the hands of some people attempting to exchange them for polymer banknotes.

Total Government debt at K19m

Central Bank Governor in his September Quarterly Monthly Bulletin revealed that the domestic loans increased while external loans decreased.

He said the increase in domestic debt was largely attributed to net new issuance of Government securities, while the decrease in external debt reflected the loan repayments.

Bakani further added that the total amount of Government deposits at the depository corporations increased by K146.2 million to K2,652.7 million in September 2016, compared to June 2016.

BPNG warns about fast money schemes

The Bank in a media statement strongly advised the public against putting money in fast money schemes/ scams, as they are illegal and fraudulent.

Governor Loi Bakani said people who place their money with promoters or agents of these money schemes/scams risk losing their hard earned cash.

“Before you make decision to be a member of any scheme, you must understand the products and services being promoted, who the shareholders are, the means by which registration is done and the terms and conditions for you to be a member.