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Central Bank wants forex as soon as possible, commodity prices creating currency volatility, smartphone apps making their mark in PNG 

PNG Business Update

May 18, 2016

Latest news

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. Read on...

 

Entrepreneur 

Local developer's mobile apps making it easier to do business in Papua New Guinea 

From self-service to bringing buyers and sellers together, software developer Shadrach Jaungere's smartphone apps are making it easier for Papua New Guineans to do business. And there are more to come, reports Kevin McQuillan. Read on...


Economy

Commodity price falls creating currency volatility, says analyst

The kina has fallen in value this year, but Papua New Guinea’s dependence on commodity exports means that it can be expected to fall further, says Rohan Fox, Lecturer and Research Fellow at the University of Papua New Guinea’s Division of Economics. He tells Business Advantage PNG that the country faces a difficult task managing the impact of sharp fluctuations in commodity prices. Read on ... 
 

In brief 

Lae Chamber of Commerce call for action over lack of foreign exchange, and other business stories

Lae business leader warns of job cuts if forex problem not solved soon, Tourism Minister says PNG lags behind Vanuatu and Fiji in tourism spend, and 1,000 SMEs to close when asylum seeker centre closes. Your weekly digest of the latest business news. Read on...

 

People moves 

Nambawan Super, CPL Group 

A new Chief Financial Officer at Nambawan Super, and board re-appointments at City Pharmacy Group. Read on...  

 
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