Treasurer Ian Ling-Stuckey claims that budget repair enabled the government to reach its income and finance objectives while also keeping spending under control in last year's budget. In presenting the Final Budget Outcome (FBO) for 2021, Ling-Stuckey said that the budget deficit was preserved at K6.3 billion, down from the K6.6 billion predicted and t...

Photo: PM Marape announcing the good news in Parliament recently. Picture courtesy of PARLIAMENT MEDIA In the midst of the worldwide crisis caused by the Russia-Ukraine war, James Marape claims that the Bank of PNG has the largest amounts of foreign exchange ever, totaling more than K10 billion. This is in sharp contrast to the O'Neill era, when for...

Photo: Bank of Papua New Guinea According to a top official, the volume of foreign exchange in Papua New Guinea increased over a six-month period last year. Benny Popoitai, the acting governor of the Bank of Papua New Guinea, said this was mainly owing to the World Bank's budget assistance loan, liquefied natural gas (LNG) tax collections, and donor...

Photo credit:  According to Robin Fleming, chief executive officer of Bank South Pacific Financial Group Ltd (BSP), the country saw significant amounts of foreign exchange (FX) currency in December. Strong commodity prices, end-of-year dividend payouts, and donor cash for different initiatives, according to Fleming. He stated that foreign exchang...

Treasurer Ian Ling-Stuckey is delighted with the work being done to put the modifications to the Central Banking Act into effect, which were voted unanimously by Parliament last December 2021. Treasurer Ling-Stuckey stated in a statement that following the NEC's decision on a new Acting Governor, Benny Popoitai, the former Head of Financial Analysis an...

Photo: PM Marape launches the new online tax payment platform, MyIRC, with Commissioner-General Koim and managers of IRC Despite a hard economic climate brought on by COVID-19, the Marape Government's commitment in reinvigorating the Internal Revenue Commission (IRC) is paying off with a revenue collection of a record K8.1 billion in the year 2021. ...

Photo credit: PNGX The chairman of the PNG Stock Exchange (PNGX), David Lawrence, stated that total transaction figures on the PNGX decreased last year. The 12 listed firms had a combined market capitalization of K91.89 billion. PNG Air Ltd, he added, was still suspended for failing to present audited financial statements. Niuminco, a mining e...

The Independent Advisory Group's examination of the 2000 Central Banking Act was recently welcomed by Treasurer Ian Ling-Stuckey. On October 25, the first phase report was finished and posted on the Bank of PNG's website. Learning from experience, increasing Bank independence, delivering accountability, limiting discretion, and connecting objectives...

The supply and demand for foreign money dictate how the foreign exchange market operates. Governor Loi Bakani stated in the Central Bank's Monetary Policy Statement that PNG's foreign exchange supply is mostly derived from export receipts, government external loans, grants, and foreign direct investments. Foreign exchange is needed primarily for the...

According to Bank South Pacific Financial Group Ltd, foreign exchange (FX) liquidity has increased since the second quarter of the year, owing to robust commodities prices mixed with project-specific and donor foreign currency inflows (BSP). The PNG Kina has stayed constant versus the US dollar for the third consecutive quarter, according to the bank's...

A new revised and market friendly transaction levy will be charged on all transactions on the PNG National Stock Exchange (PNGX). Robert Minak, executive chairman of Papua New Guinea's Securities Commission (SCPNG), made the announcement. “We have reviewed the existing levy rate of O.75 per cent and we believe that the quantum of that levy is too hi...

The revision of the Central Banking Act, according to Treasurer Ian Ling-Stuckey, would address the shortage of foreign exchange and competition in the banking business. The public comment phase, he added, will begin in the next two weeks. “The independent advisory group for the review of the Central Banking Act 2000 is making good progress on how w...

Following a collaboration between Kina Bank and Everest, an international internet solutions provider, Papua New Guineans will soon have access to a new platform for sending money overseas and trading in foreign currency. Customers will not require a Kina Bank account to use the platform, according to a Kina Bank statement. Kina bank chief executive...

Photo Credit: PNGX PNGX Markets Limited, Papua New Guinea's national stock exchange, and the Securities Commission of Papua New Guinea (SCPNG) have signed a Memorandum of Understanding on the preservation of an orderly market for listed securities. The Securities Commission may make public remarks regarding a listed business from time to time in the...

Photo Credit: UMM PNG The Bank of PNG (BPNG) expects headline inflation to be about 4% this year, down from 5.1 per cent in December of last year. The raw inflation amount provided by the consumer price index is known as headline inflation. Inflation in Papua New Guinea climbed from 2.9 per cent in 2019 to 5.1 per cent in December 2020, according...

Photo Credit: PNGX According to the PNG Securities Commission, the stock market in PNG is now worth over K120 billion. The PNG National Stock Exchange presently has 13 firms listed, according to acting executive chairman Robert Minak (PNGX). “The total market cap fluctuates around K120 billion,” he said. “The market tracks well and it’s steady...