Bank of PNG (BPNG)

Central Bank reduces KFR

The reduction of the KFR by the Central Bank will see reduction in market interest rates for the month of August.

This was possible after non-mineral private sector activities remained robust, and stability in the prices of goods and services (inflation) and the Kina value (exchange rate), among macroeconomic indicators.

This is the second reduction for the year after the Central Bank decreased the KFR from 6.2 to 6 percent following a pick-up in the non-mineral private sector, relative stability in the exchange rate, and fall in inflation.       

BPNG announces deputy governor’s passing

“We convey our deepest sympathy and sincere condolences to his wife Saraim, children Youngston, Milate, Aga Mary, Gae Jnr and Alu Michael Kauzi,” said the Governor of BPNG, Loi Bakani.

A career central banker, Late Dr Kauzi served in the Bank from May 10th, 1993, in the areas of research and economics.

He was appointed assistant governor on October 3rd, 2011, and became deputy governor on July 1st, 2016 and served in this role until his passing.

BSP receives life insurance licence

The bank now becomes the fourth active licenced insurance company in the country.

The entry of BSP into the insurance industry is seen as a positive step to develop and grow the sector.

BSP CEO Robin Fleming was presented the Life Insurance License by Deputy Governor, Gae Kauzi, in Port Moresby, formally recognising BSP Life Limited (BSPL).

Kauzi congratulated BSPL saying the licences are not easy to come by.

He also challenged BSPL to instil strong governance and best practices, which have been lacking in the past in some insurance companies.