Speech by Mr. David Toua, OBE, Chairman of the Board, Bank of Papua New Guinea, at the 2024 Business Advantage Papua New Guinea Investment Conference and Expo | Governor Genia's speech to the Lae Business Community | Speech on the Opening of the National Stakeholder Consultation on Expanding Superannuation and Insurance Coverage to MSMEs and Self-employed Workers in PNG| More choice in banking as BPNG grants two new Banking Licenses | March 2024 Monetary Policy Statement issued by the Board of Bank of Papua New Guinea |Press Release on Alternatives to Private Sector Cheques Given Thumbs Up |Media Release: Response to Letter circulating in Social Media referring alleged AML Offences |Joint Press Communiqué 59th SEACEN Governors’ Conference and the 43rd Meeting of the SEACEN Board of Governors|Monetary Policy Statement September 2023 Issued by the Board of the Bank of Papua New Guinea and delivered to the Minister for Treasury by the Acting Governor, Ms Elizabeth Genia|Public Notice - Customer Complaints Help Desk Core Banking System |Private Sector Cheques to be Discontinued by 31st December 2023 |Acting Governor, Ms Elizabeth Genia, AAICD, releases the March 2023 Monetary Policy Statement.|Ms Elizabeth Genia, Acting Governor of the Bank of Papua New Guinea (Bank of PNG or the Bank), today released the June 2022 Quarterly Economic Bulletin (QEB). |Opening and Operating Foreign Currency Accounts outside of PNG without prior approval of the Bank of Papua New Guinea | List of reporting entities (REs) registered with Financial Analysis and Supervision Unit (FASU)

Bank of Papua New Guinea (PNG) Port Moresby, Papua New Guinea > Papua New Guinea’s central bank ‘determined’ to get foreign currency in, says Bakani

Papua New Guinea’s central bank ‘determined’ to get foreign currency in, says Bakani

The Governor of the Bank of Papua New Guinea, Loi Bakani, told this week’s Australia–Papua New Guinea Business Forum in Cairns that the bank is ‘determined’ to obtain more foreign currency ‘as soon as possible’ to address the backlog in foreign exchange demand. However, he criticised claims that PNG’s foreign exchange problem could be solved by allowing a free float of the kina, reports David James.

We are very positive about having options to support the private sector,’ Bakani told this week’s forum. ‘Once we free the backlog, that will free up the market to operate smoothly, both for the in-flows that are coming from the exports and of course to meet the normal demand for imports and service payments.

‘It is the backlog that is creating this issue for us and I think we all appreciate that we have to find a way to look at it.’

Bakani added the discussions with the IFC to provide a US dollar credit facility to PNG’s major banks are ‘ongoing’. He said the central bank is also looking at other sources ‘to address the issue.’