Loi Bakani

Bakani clarifies BPNG, Puma saga

“So Puma needs USD to buy Kutubu crude and that's exerting pressure on PNG banks and BPNG to supply USD to Puma.”

Mr Bakani was responding to this newsroom for clarification on the recent fuel saga between Puma and Bank of PNG which affected the supply of JET A1 fuel to airplanes and a cancellation of flights.

Bakani told this newsroom that there is no agreement between Puma and supplier of Kutubu crude oil for purchases in Kina by Puma.

He stressed that this is one major area that needs to be reviewed for Puma to purchase Kutubu crude oil in Kina.

Increase exports, stresses Bakani

Bank of PNG Governor, Loi Bakani, made this point during the Certified Practising Accountants of PNG conference in Lae.

The two-day Certified Practising Accountants of PNG conference for the Momase and Highlands region started on Thursday at the Lae International Hotel.

Bakani presented on the impact of the global economic crisis on PNG’s foreign exchange market.

During question time, an attendee highlighted the depreciation of the Kina by 41 percent from 2012 to 2020.

Govt payment system to be reformed

The BMC comprises of Chairman and Treasurer, Ian Ling-Stuckey, Finance Minister John Pundari, Planning Minister Rainbo Paita and his Vice Minister, Dr Kobby Bomareo.

In explaining the purpose of the meeting, Ling-Stuckey said: “We have heard the frustrations of our local businesses, Members of Parliament and Government agencies, with late and declined government payments. This has to stop if we are to deliver services to our people.

BPNG undertakes simplified ID project

Bank of PNG Governor, Loi Bakani, said the project aims to simplify the ID process making financial services available to people in rural communities.

Speaking at the NASFUND Savings & Loans Rebranding Launch, Governor Bakani said the Know Your Customer Project will assist people in rural communities.

“Identification is a big issue for our simple rural people in the village so that’s our next project. And we are working very hard to have a simplified and standardized way or system of identification,” said Bakani.

NCSL launches new logo

The rebranding comes 17 years since the company’s establishment, becoming the largest savings & loans organization in the country.

After 17 years the original ncsl logo and brand was retired signifying the end of an era continued growth.

Chief Executive Officer, Vari Lahui, said the rebranding suits the changing times.

“Tonight, ladies and gentlemen, we will be witnessing the change of our corporate logo, adding a more modern touch to our brand. And given all we have done over the years; we feel that it needs a refreshing look.

NCSL launches new logo

The rebranding comes 17 years since the company’s establishment, becoming the largest savings & loans organization in the country.

After 17 years the original ncsl logo and brand was retired signifying the end of an era continued growth.

Chief Executive Officer, Vari Lahui, said the rebranding suits the changing times.

“Tonight, ladies and gentlemen, we will be witnessing the change of our corporate logo, adding a more modern touch to our brand. And given all we have done over the years; we feel that it needs a refreshing look.

BPNG to assist financial institutions

He explained that BPNG will be working with financial institutions to assist those affected.

Bakani said loss of jobs means a loss of income and the Bank of PNG is working with financial institutions to help those affected.

One of the measures the Central Bank took was reduce the Policy interest rate, by 2 per cent. This led to banks reducing their base lending rates and associated rates and fees for products and services they offer, to allow customers to borrow at lower rates during this crisis period.

Another measure BPNG took was injecting liquidity with banks.

BPNG warns against money scams

He said BPNG does not do banking for individuals and groups.

You see them meeting, almost every day, in groups around Port Moresby’s parks.

They are part of so called financial groups, which targets individuals to register and contribute certain capital, for that big ‘payout’- something many will not get.

Central Bank governor, Loi Bakani, on Friday warned the public of such scams and impersonators.

BPNG backs AFL

The event took place at the Coles Oval and was witnessed by staff of BPNG, AFL PNG and Port Moresby AFL.

In handing over the key, Governor of the Bank of Papua New Guinea, Loi Bakani, said BPNG was continuing to working closely with AFL PNG and sponsors to ensure this year’s competition runs smoothly, especially in the senior division.

“The Hilux belonged to BPNG but is still in good running condition. It was fully serviced before being given to Port Moresby AFL,” said Bakani.

​Financial inclusion summit this week

Governor of the Bank of Papua New Guinea, Loi Bakani, said the Summit will cover a wide range of topics on finance, including workshops and discussions on innovations that will help the country’s large number of unbanked citizens.

Among the topics is blockchain – currently a hot favourite in the financial world where according to experts, would benefit Papua New Guineans at a greater scale, and as far as financial inclusion is concerned.