Kina depreciate

The ‘Walk the Talk’ Governor for Oro Garry Juffa in response to Loop PNG questions regarding the depreciation of the kina made those remarks.

However, he said since this sector was poorly developed, real benefits would not be realised by Papua New Guineans.

He added that the major agriculture exporters were foreign owned and thus they would be the true beneficiaries while PNG would only benefit from the sale of the raw products.

 Francis Hualupmomi, a political scientist and a PhD student in Public Policy in the School of Government at the Victoria University of Wellington, New Zealand said our currency is depreciating sharply against foreign currencies.

“This holds true on the exchange rate,” Hualupmomi said.

“It appears clearly that the currency is not necessarily affected by the US dollar but by domestic macroeconomic management.

Kina continues to hit slump
www.looppng.com/content/kina-continues-hit-slump
Kina continued to depreciate against major world currency because of lower revenue income into the national purse. 

The Bank of Papua New Guinea Governor Loi Bakani stated in its Monetary Policy Statement for the month of September 2016.    

According to today’s Bank South Pacific Exchange Rate, K100 will give you US$ 26.50 and AUS$ 34.71.

The Kina dropped by 9.5 per cent in a space of 12 months.   

“PNG continued to experienced low export commodity prices during the nine months to September 2016. These resulted in low foreign exchange inflows and lower Government revenue,” Governor Bakani stated in the policy statement.