K560 Million Of Forex Outstanding For BSP
K560 million of foreign exchange orders for Bank South Pacific is outstanding, says group chief executive officer Robin Fleming. Mr Fleming was giving an update on the foreign exchange for the bank yesterday while announcing its third quarter results.
He said the bank has around K560 million outstanding and the top 10 importers would comprise the best part of the 70 per cent of those orders if compared to the same time last year where the Bank (PNG) had outstanding orders of K605 million.
Mr Fleming said comparing year on year there were some improvement compared to earlier in the year where surplus in the market had reduced considerably and at one stage BSP got K250 million.
“This was part of BPNG intervention to moderate it to allow for some of its own foreign direct investment decision which has slowed down.
I suggest that there’s a high level of confidence, we quickly move from Papua LNG announcements in April through to P’nyang and other decisions relatively quick than BPNG may have some confidence in its capacity to have a more generous intervention program in anticipation for foreign exchange flows,” he said.
“No doubt, BPNG will continue to support the market but they have to have some understanding of where the foreign direct investments will immerge and they are also giving regard to the overall reserves within PNG.
“Most of our small orders continue to be met. “On average. we do 450 small orders under K25,000 a day on the spot that’s via the internet banking personal.
“This is for those customers who have personal banking and of course subject to tax clearances and like and even for smaller businesses.
So everyday 450 people under K25, 000 are served.” Mr Fleming said but the bank believes that this is likely to increase over the next two to three months.
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