Loi Bakani

State agencies to undergo reform

Central Bank Governor Loi Bakani highlighted this in his 2016 December Quarterly Economic Bulletin.

He said Public sector reforms undertaken by the Government in 2017 are aimed at improving the quality of public sector spending.

However, he said the private sector will benefit from these reforms such as: encouraging competition through focusing on efficiency in the SOEs; removal of some regulatory requirements of doing business; supporting productivity in tourism and agriculture sectors; and facilitating the evolution of the financial services sector.

BPNG confirms release of K45m to Hela

Central Bank Governor Loi Bakani confirmed that to Loop PNG today.

Bakani clarified that the release of the levy was done only after the request was in compliance to the trust arrangement.

He added that as a banker, compliance to the arrangement that was put in place at the time of establishing the trust account is paramount and sufficient for them to effect the transaction.

"There are 2 trustees or signatories to the trust account and both have to sign."

BPNG warns on usage of paper notes

He advised that the people must be on look out for various security features as detailed on the K50 and K100 posters before accepting them. I

“If any of these security features do not appear on the banknotes given to you, do not accept it.

“Be alert and don’t be fooled by accepting any paper banknotes.”

Bakani added that the Bank is aware that there are PAPER BANKNOTES in the hands of some people attempting to exchange them for polymer banknotes.

IMF Report is inaccurate: Bakani

“The report did not accurately cover the performance of the PNG economy, as a number of serious errors were noted in the report,” Bakani stated in statement.

The six areas that the country’s central bank disagreed to, resulting in the delay of approving the release of IMF Report since October 2016 are, debt-to-GDP ratio, months of import cover, no breach of Article VIII, tax  clearance certificate, foreign exchange market and IMF visit staff report.  

Total Government debt at K19m

Central Bank Governor in his September Quarterly Monthly Bulletin revealed that the domestic loans increased while external loans decreased.

He said the increase in domestic debt was largely attributed to net new issuance of Government securities, while the decrease in external debt reflected the loan repayments.

Bakani further added that the total amount of Government deposits at the depository corporations increased by K146.2 million to K2,652.7 million in September 2016, compared to June 2016.

BPNG warns about fast money schemes

The Bank in a media statement strongly advised the public against putting money in fast money schemes/ scams, as they are illegal and fraudulent.

Governor Loi Bakani said people who place their money with promoters or agents of these money schemes/scams risk losing their hard earned cash.

“Before you make decision to be a member of any scheme, you must understand the products and services being promoted, who the shareholders are, the means by which registration is done and the terms and conditions for you to be a member.

Bakani calls for tougher revenue measures

Bakani, in his Quarterly Economic Bulletin also reiterated his call for Government departments and agencies to live within their means while maintaining critical services for the public.

He said the level of foreign exchange reserves as of Dec 30, 2016, was K5,266.9 (US$1,685.4) million, compared to K5,467.5 (US$1,725.1) million at the end of September, 2016.

Bakani explained that the Government’s decline in revenue in 2016 is due to low commodity prices and low tax collections.

He said both revenue and expenditure have been lower than budgeted for in 2016.

PNG Update Forum confirmed for November

The event is seen as the premier forum for the discussion of research and analysis relating to economic and public policy issues on PNG.

This years forum theme is ‘Sustaining development beyond the resources boom.’

The provisional program has indicated key speeches from Secretary for Finanace, Dr Ken Ngangan, Bank of PNG Governor, Loi Bakani, and Minister for National Planning, Charles Abel.

People lack saving culture, says Bank Governor Bakani

“This financial exposition will give opportunity for the Highlands region and Papua New Guinea as a whole to bring financial services down to people and the activities happening here are for our people and children to open bank accounts to start savings,”  Bakani said this  during the third  Financial Inclusion Expo in Mt Hagen last Friday.

He encouraged people to seek help from the various banks and financial institutions to assist them look after their hard earned cash and make more money with further investments from savings.

Do not report gossip: PM O’Neill

O’Neill was responding to Radio New Zealand International (RNZI) which reported that Papua New Guinea's government officers were visiting international financial hubs this week hoping to raise money on the offshore bond market.

Radio New Zealand reported that the Governor of PNG's Central Bank, Loi Bakani, along with the Secretary of the Department of Treasury, Dairi Vele, are scheduled to give presentations in London tomorrow, before heading to Boston and New York.