Foreign Exchange (FX) Market

BPNG Boosts FX Market Turnover

This boost was fueled by a noteworthy increase in FX intervention amounting to K1.9 billion from the Central Bank of Papua New Guinea (BPNG).

According to BSP Financial Group’s Quarter 4 of 2023 Pacific Economic & Market Insights report, BPNG's FX intervention contributed 25.5 percent of FX inflows to the market in Q4, reinforcing the market's liquidity dynamics.

Export flows reduce

According to BSP’s Quarter 3 2023 Pacific Economic & Market Insights report, FX inflows have risen 19 per cent to K18.7 billion due to a 79 per cent year-on-year increase in BPNG FX intervention.

BPNG has supplied 20 per cent, that’s K3.8 billion, of PNG’s FX inflows this year.

BSP Group General Manager Treasury, Rohan George noted that despite increased BPNG intervention, the FX market continues to miss Porgera’s FX contribution.