BPNG licences First Money Changer in Milne Bay

A small but significant ceremony was held recently in Alotau Milne Bay Province between the Bank of Papua New Guinea and the Money Exchange Limited, a small money exchange company based in the province.

Bank of Papua New Guinea Governor Mr Loi Bakani, CMG, presented the Bureau of Currency Exchange (Money Changer) license to the Money Exchange Limited.

The license gives the company legal rights to exchange foreign currencies to Kina and vice versa.

Being one of the country’s tourist hubs, the license was a welcome news for Mr David Clunns, Director of the Money Exchange Limited, and it is the first Money Changer in the province.

Governor Bakani said the license was a commitment made by the Central Bank early this year during the Bank’s board meeting in Alotau to assist the Milne Bay province with a money changer to strengthen the tourist industry.

He said this also supports the Government’s initiative of making Milne Bay province one of the country’s tourist hubs.

Mr Clunns upon receiving the license said it is the aim of the company to help the local people in Alotau and the outer islands exchange the foreign currencies that they receive from the tourists that visit the province.

The company also intends to bring services to the people living in the islands of the province as it is always an issue for many of the locals to travel to Alotau to change the foreign currencies to Kina. It is also for the convenience of tourist ships to exchange their foreign currencies to Kina to purchase local products in the province.