Recent encouraging indicators will reinforce the cautious optimism being felt in Papua New Guinea’s business circles. But international factors – notably the prospect of a prolonged international tariff war – are a reason to remain watchful.
foreign exchange
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.
PNG banks and businesses tell Business Advantage PNG of considerable variation in wait times for foreign exchange, as the country’s central bank acknowledges the economic damage caused. We look at the prospects for improvement.
A year ago, the International Monetary Fund commenced a program in Papua New Guinea, focused on improving government debt, foreign exchange shortages and governance. Business Advantage PNG sits down with the IMF’s Resident Representative in PNG, Sohrab Rafiq, to discuss progress on these three critical issues.
How does Papua New Guinea’s largest bank see the outlook for business this year? In this exclusive interview with Business Advantage PNG, BSP Financial Group’s CEO Mark Robinson assesses the trends, risks and opportunities, and how factors such as foreign exchange and a devaluing kina will play a part.
Amid fears of further declines in the value of Papua New Guinea’s currency, the kina, economists Bobby Kunda and Stephen Howes analyse how the kina has been performing against all its key trading currencies – and come to some surprising conclusions.
Chairman of the Bank of PNG, David Toua, talks exclusively about reforms to the central bank, the foreign exchange situation, interest rates and the phasing out of bank cheques.
September was another tough month for availability of foreign exchange in Papua New Guinea, but central bank Acting Governor Elizabeth Genia has moved to reassure business that the bank is committed to supporting the kina as it adjusts to a lower level against the US dollar. She’s also flagging better times ahead on forex.
Three welcome recent speeches from representatives of Papua New Guinea’s central bank suggest that it is starting to set out its plans for reform of the country’s troubled foreign exchange system, observes Stephen Howes. He suggests what should happen next.
Westpac’s Senior Economist Justin Smirk has been studying Papua New Guinea’s economy for over 20 years. He recently provided the 2023 Business Advantage Investment Conference with six things businesses should understand about PNG’s economy, as we wait for the next wave of resources investment to begin.