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.

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.