Forex shortage

Forex shortage behind rising unemployment: Pruaitch

Pruaitch made this statement after economists at a recent forum at the Development Policy Centre, at the Australian National University in Canberra, revealed that foreign currency is a key cause of the big plunge in PNG imports.

The former Treasurer claimed that because BPNG is failing to perform its constitutional role as an independent Government agency with responsibility for monetary policy, it is also contributing to rising inflation by printing money to fund the Government’s deficit budget. 

VIDEO: Forex shortage issue raised

He told parliament on Wednesday that he received calls from 5 companies, one of them has been operating in Lae for 40 years, employs 230 Papua New Guineans and they have not been able to access Forex, thus resulting in the company having to cut down on working hours for their employees.

 

Meredith Kuusa with more