Inflation a concern for importers

BSP Group CEO, Mark Robinson said in a recent media release that depreciation of the PGK/USD midrate will benefit exporters as they receive more PGK for their goods, whilst importers will see higher prices as their cost-per-kina increases when purchasing goods overseas to bring into PNG.

“A short-run risk of the PGK/USD depreciation is the potential impact on inflation levels for consumers, while the economy may benefit when the exchange rate system operates effectively without the need for interventions” said Mr. Robinson.

BSP refutes social media claims

Chief Executive Officer Mark Robinson, in a statement, said these allegations and statements made regarding BSP and its employees are untrue, and defamatory.

He said BSP has and will continue to make its own enquiries, and has referred matters to relevant law enforcement agencies where appropriate.

“BSP is ensuring the Bank of Papua New Guinea is kept fully informed regarding this matter.”

Mr Robinson stressed that BSP will not tolerate abuse or inference of wrongdoing when officers are acting in the course of their duties.

Ambunti gears up for Sepik River Festival

The highly anticipated festival, scheduled to take place from the 5th to 7th of August, is set to highlight the cultural significance of crocodiles to the Sepik community.

BSP Financial Group Limited (BSP) has reaffirmed its commitment to preserving and promoting cultural heritage by pledging K30, 000 to the event.

The three-day event will be a vibrant celebration of the Sepik River's crocodiles and their importance to the communities living along its banks.

Marape reassures of full report into banking glitch

His questions stem from the recent banking glitch experienced by BSP Group, which affected banking services for members nationwide.

Lelang stated that complaints about the quality of services offered by the country’s commercial banks were mentioned over the last year, especially the many fees charged from the services provided, banks sold or partially sold in recent times, and the extra money found in bank accounts and money lost; the non-improvement of mobile banking, internet banking, and long ques.

BSP PNG rolls out new system

During the training sessions, agents are being informed about the changes that will occur with the new system, which is scheduled to be implemented next month.

Under the new system, BSP Agents will no longer utilize EFTPOS to facilitate customer transactions. Instead, they will utilize tablets to carry out customer transactions.

Customers will no longer be able to use BSP cards to transact at an Agent; they will use a mobile phone instead.

BSP delivers a record K1.136b profit

Consequently, BSP’s shareholders K1.74 full year dividend was only marginally higher (0.6%) than the prior year’s K1.73.

According to BSP’s Acting Group CEO Ronesh Dayal, the result was impacted by the K190 million Additional Company Tax (ACT) and a one-off tax credit of K135 million. The tax credit comes after PNG Bank’s closing deferred tax assets and liabilities for 2022 were re-measured at 45%, in accordance with international accounting standards, given the PNG commercial bank tax rate increase from 30% to 45% in 2023.


K19,000 pitched in for softball

This financial backing seals BSP’s commitment as the naming rights sponsors of the “2023 Liklik Softball” competition for junior softballers in Port Moresby.       

BSP Sponsorship Manager, Amelia Minnopu when presenting the cheque to the committee said: “The fundamental aspects of the banks support is by always placing our people and communities at the core of our business, not only through sports but any other community engagement which develop participation and growth.”

BSP extends hours for ‘Back to School’

BSP PNG Deputy General Manager- Retail-Sales and Customer Service Delivery, Peter Komon announced that the 28 selected branches will open their doors for the next five Saturdays, commencing Saturday 21st January to 18th February, 2023, from 9am to 1pm. 

BSP Sponsors Hiri Moale Festival

This is the first sponsorship launch towards the festival and is the third time BSP has assisted. The presentation today had BSP hand-over a cheque of K30, 000 to assist with the festival.

Corporate Sponsorship Manager, Amelia Minoppu, stated that BSP is pleased to join another year round since 2021.

“As you all know culture and tradition plays a big role in our communities and in the Pacific and the values of the communities we operate in. It’s through events like the Hiri Moale festival that our brand identifies the people that we work with,” she stated.

BSP Sponsors Enga Cultural Show

The two-day show featured a showcase of sing sings, rituals, flora and fauna, the Enga-Made Expo and banking services by BSP Wabag Branch, the only bank operating in Enga.

BSP Wabag Branch Manager, John Tomba said BSP was proud to support the event for the first time with K30, 000 towards the two-day annual show that continues to promote the unique cultures and traditions of the province.