BSP Group CEO

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 Delivers Strong Financial Result

However, the new K190m Additional Company Tax (ACT), which only applies to BSP in the banking sector, has had a significant negative impact on Q1 results, with Group profit falling to K69m after expensing the tax in full in the first quarter.

According to BSP Group CEO, Robin Fleming, the pre additional company tax Q1-2022 financial results were driven by improving economic conditions and income growth, when compared to Q1-2021.

“Growth in BSP’s offshore branches and PNG Bank were the main drivers for the overall uplift in underlying Group NPAT,” said Fleming.

BSP launches new visa cards

Now containing microchip technology, the enhancements protect customers against card fraud.

Additionally, the new card enables ‘touch and go’ technology, allowing customers to make transactions much quicker.

The new visa cards were launched in Port Moresby on Thursday night by BSP Group CEO, Robin Fleming.

“And it is important for PNG to be able to have a world class system,” said Fleming.