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.
Better times ahead on foreign exchange, says Bank of Papua New Guinea Acting Governor
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11 Oct 2023 by 1 Comment
Bank of PNG changes tack on foreign exchange, but will it follow through? [opinion]
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26 Sep 2023 by Leave a Comment
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.
Six things business needs to know about Papua New Guinea’s economy [analysis]
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14 Sep 2023 by 2 Comments
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.
Papua New Guinea’s currency flagged to continue ‘gentle’ fall
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5 Jul 2023 by Leave a Comment
The Papua New Guinea kina is starting to experience a very gradual erosion against its key trading currency, the US dollar.
What does Papua New Guinea business want from the new Marape government?
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5 Oct 2022 by Leave a Comment
With its majority established in Parliament and its ministry appointed, Papua New Guinea’s Marape government is now getting back to the business of running the country. Key business leaders tell Business Advantage PNG what they think its priorities should be.
Analysis: Papua New Guinea’s ‘stuck’ exchange rate
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11 May 2022 by 3 Comments
Is Papua New Guinea’s kina exchange rate stuck? Stephen Howes, Director of the Development Policy Centre and a Professor of Economics at the Crawford School, considers if the kina really is a ‘floating’ currency and calls for foreign exchange reforms to stimulate PNG’s economy.
Gradual devaluation of Papua New Guinea’s currency would be ‘helpful’, says banker
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9 Jun 2021 by 7 Comments
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.
Foreign exchange rationing in Papua New Guinea: six years on
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21 Apr 2021 by Leave a Comment
Rohan Fox, Research Officer at the Development Policy Centre and former Lecturer at the University of Papua New Guinea, analyses PNG’s foreign exchange shortages and rationing, and explains why the problem doesn’t seem to be getting better.
We need more competition, says Bank South Pacific CEO
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11 Mar 2021 by Leave a Comment
Bank South Pacific has just announced its 2020 financial results amid tough trading conditions. CEO Robin Fleming talks to us about the bank’s plans for 2021, foreign exchange shortages, and the need for greater competition.
Papua New Guinea facing a ’triple crisis’, says World Bank economist
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3 Mar 2021 by Leave a Comment
Papua New Guinea has been dealing with a ’triple crisis’, according to Ilyas Sarsenov, Country Economist for the World Bank in PNG. Speaking at a Business Advantage PNG online briefing, he said that the economy has fallen well below previous growth forecasts.
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