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.

Bank of Papua New Guinea revises down growth expectations

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In his latest Monetary Policy Statement, the Governor of the Bank of Papua New Guinea, Loi Bakani, forecasts GDP will decline by four per cent in 2020 but rebound slightly next year. He also expressed concerns about changes to the Central Banking Act.

No recession for Papua New Guinea post COVID-19, says Central Bank

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The Bank of Papua New Guinea in its latest Monetary Policy Statement is predicting that the Papua New Guinea economy will not go into recession this year and there will be a strong recovery next year. But it says that the COVID-19 pandemic has badly affected many of the key sectors in the economy.

War chest: oversubscribed COVID-19 bond will help Papua New Guinea fight virus

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The government’s COVID-19 bond was oversubscribed after the first week, according to Treasurer Ian Ling-Stuckey. He said over K1 billion was raised and that the money will help protect Papua New Guineans from the worst effects of the coronavirus pandemic.

Exclusive: Central Bank Governor on forex, COVID-19 and the future of the kina

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Central Bank Governor, Loi Bakani, says Papua New Guinea is facing economic and financial challenges due to the outbreak of COVID-19. He speaks exclusively to Business Advantage PNG about how the Bank of PNG is responding.

Forex squeeze: is Papua New Guinea’s stable kina a liability?

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As a thinly traded currency, the kina has been protected from some of the volatility affecting world markets in the wake of COVID-19, but that presents its own set of problems.

Waiting for the party to begin: the future of Papua New Guinea’s National Development Bank

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In a wide-ranging chat with Business Advantage PNG, the Managing Director of Papua New Guinea’s state-owned National Development Bank, Moses Liu, talks about becoming an emerging force in Papua New Guinea’s banking sector.

LNG’s role in Papua New Guinea’s foreign exchange challenges

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The lack of foreign exchange is having a deep impact on Papua New Guinea’s financial system. A new World Bank report shows that mining is the biggest generator of foreign exchange in PNG, but what about LNG projects?

Papua New Guinea heading into a forex squeeze – World Bank

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A new World Bank report details a worsening of Papua New Guinea’s economic prospects and finances. It says that the country is ‘steadily’ losing foreign exchange.