Foreign currency

PNG looks to boost forex flows: Report

In a statement, the Oxford Business Group said foreign currency reserves totalled PGK5.60bn ($1.72bn) at the end of June, up from PGK5.56bn ($1.71bn) at the end of March.

This was according to a statement issued by the Bank of Papua New Guinea (BPNG).

“The bank cited increases in international commodity prices, along with the resumption of production at the Ok Tedi and Porgera mines and the PNG LNG project following a February earthquake, as significant factors behind the rise in foreign exchange,” reports the OBG.

Forex affected imports: Economists

They warned that lack of access to foreign exchange had become the “No 1 issue for business” and if prolonged, could cause PNG to face another “lost decade” of economic growth, similar to what happened in the 1990s.

The four economists presenting at the Development Policy Centre at the Australian National University forum include Prof Stephen Howes, Director Development Policy Centre, Australian National University; Nelson Nama, School of Business and Public Policy, UPNG Rohan Fox, Research Officer, Development Policy Centre, ANU and Marcel Schroder.