Papua New Guinea’s financial institutions are playing a leadership role in digitalising its economy. The country’s bankers talk to Business Advantage PNG about their major investments in new technology, and how this is driving business growth.
Bank of Papua New Guinea (BPNG)
Special economic zones, green finance, privatisations and more: Business Advantage PNG lists five key focus areas to look out for in Papua New Guinea’s investment space this year.
State-owned National Banking Corporation (NBC) secured a commercial banking licence in December 2024. In this exclusive interview, Chairman Darrell Seeto shares his plans to get the bank to profitability and a listing on Papua New Guinea’s stock exchange.
Late in 2024, a 226-page report by the global Financial Action Task Force was quietly published online that may, according to the experts, have a significant impact on Papua New Guinea’s banking and finance system. Business Advantage PNG takes a closer look.
Authorised foreign exchange dealers must fully clear essential trade and services orders before executing any orders for non-essential items such as dividends, under a new directive issued by Papua New Guinea’s central bank. Business Advantage PNG finds out what this means for businesses.
The Green Finance Centre was founded this year under the aegis of the Bank of Papua New Guinea, with the aim of creating a framework to facilitate investments in areas such as renewables and climate resilience. Its head Mohinesh Prasad shared the centre’s plans and progress in a speech to the 2024 Business Advantage PNG Investment Conference.
The Bank of Papua New Guinea and the International Monetary Fund believe continued depreciation of the kina is the way to alleviate the country’s ongoing foreign exchange shortages. ANZ economists Kishti Sen and Tom Kenny argue there are better alternatives.
Forex shortages in PNG have acted as handbrake on both economic growth and foreign direct investment over the past decade, according to the IMF. However, domestic and concessional investors have been stepping in to keep PNG’s economy moving.
David Toua, Chairman of the Bank of Papua New Guinea, details how the central bank is tackling the economy’s most pressing issues, including foreign exchange, government debt, and the digital future of banking.
Waiting times on foreign exchange orders have been falling substantially on central bank interventions and other factors, senior representatives of BSP Financial Group, Kina Bank and Westpac Papua New Guinea reveal to Business Advantage PNG.