The governor of the Bank of Papua New Guinea, Loi Bakani, says that the shortage of foreign exchange is ‘an issue based on supply and demand of foreign currency for kina.’ One way to increase demand for a nation’s currency is to modernise the bond markets. A World Bank report has looked at some options.
By the time of the APEC Summit in 2018, Port Moresby could have as many as 2590 high-end hotel rooms, and conference capacity for many thousands. Hoteliers tell Business Advantage PNG that the increase in scale and quality means the capital could become a world-class regional conference venue.
The potential for improved financial and other services delivered via the internet in Papua New Guinea is high, the nation’s top bankers tell Business Advantage PNG. But costs have to fall first.
Ongoing uncertainty in the resources sector has led Nautilus Minerals to seek refinancing to secure the delivery of its Solwara 1 mining project, located in Papua New Guinea’s Bismarck Sea. President and CEO Michael Johnston tells Business Advantage PNG there will be a delay in the delivery of the project.
Demand for residential houses among the growing urban population, especially in Port Moresby, has increased but the supply of quality and affordable houses has seen prices rise ‘exhorbitantly’, according to a new survey of the housing market by consultancy Niugini Land and Property.
The effect of the government’s proposed rice policy will basically ‘shut us down’, says Greg Worthington-Eyre, CEO of the country’s main rice importer and producer, Trukai Industries. His warning follows a prediction of price rises by the Independent Consumer and Competition Commission, and a warning by the Australian government the policy could breach WTO rules.
Port Moresby’s newest hotel, the Stanley, opened in July in central Waigani. It is Papua New Guinea’s biggest hotel and one of the largest in the Southern Hemisphere. Grace Maribu takes a look.
The greatest challenge facing Papua New Guinea’s financial system and businesses is to establish saving in the country’s mostly unbanked population. That is the message from three of the country’s top bankers.
With an estimated one million Papua New Guineans now connected to a mobile network, is it time for companies to add social media to their marketing strategy? Digital marketing manager Andreia Brodsky outlines what you need to know about this growing marketing channel.
Papua New Guinea’s top bankers discuss the kina, foreign exchange shortages, finance for business and the future of banking services.