With a new strategy to manage Papua New Guinea’s foreign exchange shortages expected soon, the Bank of Papua New Guinea’s Acting Governor, Elizabeth Genia, has moved to reassure business leaders that a devaluation of the country’s currency is not on the cards.
The Papua New Guinea kina is starting to experience a very gradual erosion against its key trading currency, the US dollar.
The Bank of Papua New Guinea, the country’s central bank, is undergoing notable changes. Its Chairman, David Toua, comments on what’s behind the changes, the challenges faced by the bank and the road ahead for foreign exchange.
The recent decision by the International Monetary Fund (IMF) to approve US$918 million (K3.2 billion) in new funding to Papua New Guinea is helping to fast-track a solution to the country’s chronic foreign exchange shortages. Business Advantage PNG spoke with Sohrab Rafiq, the IMF’s new PNG representative, to learn more.
Papua New Guinea relies heavily on a limited number of taxpayers. Paul Barker, Executive Director of industry-funded think tank, the Institute of National Affairs, considers the implications for government expenditure and PNG’s foreign exchange situation.
Business Advantage PNG looks to the year ahead and considers what Papua New Guinea-focused businesses can expect in the coming 12 months.
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.
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.
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.
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.