Latest Central Bank figures indicate Papua New Guinea’s economy is rebounding

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Recently released data from Papua New Guinea’s central bank indicates the country’s economy bounced back significantly in the September 2021 quarter on the back of a massive increase in export receipts due to higher commodity prices. While private sector employment and sales also rose, the bank warns inflation is also on the march.

Election time: Papua New Guinea in 2022 [opinion]

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What can we expect from Papua New Guinea’s 2022 National Elections? And what are the major challenges facing the winner?  Stephen Howes considers.

In brief: new resources projects moving forward Prime Minister Marape tells resources industry and other business stories

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New resources projects moving forward, Prime Minister Marape tells resources industry, Fortescue’s CEO visits the Purari hydropower project and the ADB welcomes changes to Kumul Consolidated Holdings legislation. The business news you need today.

In brief: BSP Financial Group announces half year results and other business stories

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BSP Financial Group and Oil Search present half year results, Papua New Guinea signs agreement with the Organisation for Economic Co-operation and Development. The business news you need today.

ICCC proposes to disallow Kina Bank’s acquisition of Westpac’s Pacific assets

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In an interim determination, Papua New Guinea’s Independent Consumer and Competition Commission (ICCC) says it may not allow Kina Bank to buy Westpac’s remaining assets in the Pacific.

BSP denies regulator’s anti-money laundering allegations

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BSP Financial Group (BFL) has responded to allegations made by the Bank of Papua New Guinea’s Financial Analysis and Supervision Unit (FASU) that it was in breach of the country’s anti-money laundering laws. Meanwhile, the Bank of PNG’s Governor has distanced the central bank from the allegations made by its own unit.

Gradual devaluation of Papua New Guinea’s currency would be ‘helpful’, says banker

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Papua New Guinea’s currency, the kina, has been steady this year after weakening against a number of major currencies in late 2020. Should it be devalued further? We asked Jonathan Prince, Treasurer at Westpac PNG, to consider the consequences.

In brief: Bank of Papua New Guinea to undergo review and other business stories

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The Bank of Papua New Guinea to be reviewed, Porgera jobs plan, and new strategic plan for women in coffee. The business news in brief.

Economy on the mend, says Bank of Papua New Guinea Governor

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The Governor of Bank of Papua New Guinea has forecast a recovery for the country’s economy of 2.5 per cent after the sharp contraction of 2020. But he says the national budget and PNG’s foreign exchange reserves will remain under pressure.

COVID silver linings: Bank of Papua New Guinea releases economic bulletin and not all is bad news

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The Bank of Papua New Guinea has released its Quarterly Economic Bulletin for the March and June 2020 Quarters. It shows that the economy and government finances came under great pressure because of the COVID-19 lockdowns, but that the impact was uneven.