The sharp fall of Papua New Guinea’s currency, the kina, over the past few months is a cause for concern, with Manufacturers Council of PNG CEO Chey Scovell describing it as a ‘real kick in the guts’ for local manufacturers.
Bank of Papua New Guinea (BPNG)
With Papua New Guinea’s Sovereign Wealth Fund (SWF) due to receive its first revenues next year, the Governor of the country’s central bank has given his approval. Meanwhile, the International Monetary Fund has sounded a note of caution.
The annual Papua New Guinea Advantage investment summit was held this week in Port Moresby. After two days of discussions, presentations, speeches, dinners and question-and-answer sessions, here are five observations.
The Bank of Papua New Guinea argues that the government should fund its spending plans from the domestic banking system. Meanwhile, the government is ramping up its borrowing from foreign sources. Who is right?
Commercial lawyer Steven Kami says PNG’s superannuation and life insurance sectors are worried about the effect of the new prudential standards on corporate governance, and in particular the effect on eligible directors.
The Governor of the Bank of Papua New Guinea, Loi M Bakani, has urged the Papua New Guinea Government to fund its projected large deficits over the next few years from the high levels of liquidity in the domestic banking system.
Halfway through the building of its major liquefied natural gas project, Papua New Guinea finds itself in a strong fiscal position, but with some key challenges.
After strong performances in 2009 and 2010, the Port Moresby Stock Exchange (POMSoX) experienced a tough 2011, as did many bourses around the world.