Bank of PNG

Bank pioneers new technology

This is a digital software solution that allows all of the banks in PNG to connect to one another through the central bank.

Greg Pawson, Chief Executive Officer of Kina Bank, said: “The new switch is a game-changer for banking in PNG. It will lead to additional customer choice because it removes barriers to entry for smaller financial institutions who offer their own cards or EFTPOS and ATM services.”

Gaps in financial consumer protection

The finding follows a review by the Bank of PNG and the International Finance Corporation (IFC), into financial services available to people in PNG, including financial consumer protection laws, financial service institutions and practices in PNG.

This had led to consultations between BPNG, IFC and financial institutions on the fair and equitable treatment of consumers who take out loans and access other financial services.

BPNG warns against money scams

He said BPNG does not do banking for individuals and groups.

You see them meeting, almost every day, in groups around Port Moresby’s parks.

They are part of so called financial groups, which targets individuals to register and contribute certain capital, for that big ‘payout’- something many will not get.

Central Bank governor, Loi Bakani, on Friday warned the public of such scams and impersonators.

Lae Currency Distribution Facility completed

The Board, management and staff of BPNG said the handover of CDF building’s key, from contractors L&A Construction and Beacon Consulting, to the Bank comes at a time when the building is going through a fit-out program in preparation to be fully operational in the first quarter of 2019.

“To celebrate the milestone, the 220th Board meeting was held on 4 October in the boardroom of the newly completed building,” the BPNG said in a statement.

BPNG warns against cryptocurrencies

BPNG says these cryptocurrencies do not have any legal tender status to be accepted as a currency in PNG.

The Central Bank says investment in digital currencies such as bitcoin, ethereum, EOS or Litecoin is considered very risky and speculative in nature.

“People who invest in any of the cryptocurrencies do so at their own risk,” says BPNG Governor, Loi Bakani.

“There is no guarantee that cryptocurrencies will be accepted as a medium of exchange, or will hold their value.

K350m surplus in 2017: BPNG

This is attributed to improvements in commodity prices and higher production of most of PNG’s major exports, mainly from the mineral sector, contributing to higher growth in 2017, than the previous year.

This is stated in the Bank of PNG’s Quarterly Economic Bulletin for December 20017.

According to the report, this outcome is a result of higher surplus in the current account, which more than offset a deficit in the capital and financial account.

Forests, land crimes training

The 1st National Training on Financial Investigations and prosecutions related to forest and land use crimes workshop began on Monday.

It is being conducted through the Bank of PNG’s Financial Analyses & Supervision Unit (FASU) in conjunction with Interpol.

FASU is PNG’s financial intelligence unit and is responsible for supervising and monitoring compliance of all financial institutions, businesses and professionals.

Police & State loan society expected to reopen

The Society was placed ‘in administration’ following a review conducted by the Bank of PNG.

In the review, the Bank concluded that the financial condition of the Society was very poor, which threatened the overall solvency of the society. Considering the severity of the findings, the Society was placed under administration.  

Economic activity slow

In its Quarterly Economic Bulletin for June, the Bank of PNG states that this is due to unemployment, falling commodity prices and reduced imports.

The report states that while global economic growth maintained its momentum in the second quarter, international prices of most of PNG's export commodities declined, compared to the previous quarter. Also while production of most commodities increased, this was not sufficient to offset the decline in prices and resulted in low export receipts.

3.1pc employment drop in private sector

This is according to the Bank of PNG’s Quarterly Economic Bulletin for June 2017.

The Central Bank said the private sector declined by 1.1 percent in the June quarter of 2017, despite an increase of 1.1 percent in the March quarter.

Excluding the mineral sector, the level of employment fell by 1.4 percent.

According to the Bank of PNG, employment decreased in the construction, agriculture, forestry, fishing, retail and manufacturing sectors.