bpng

BPNG confirms release of K45m to Hela

Central Bank Governor Loi Bakani confirmed that to Loop PNG today.

Bakani clarified that the release of the levy was done only after the request was in compliance to the trust arrangement.

He added that as a banker, compliance to the arrangement that was put in place at the time of establishing the trust account is paramount and sufficient for them to effect the transaction.

"There are 2 trustees or signatories to the trust account and both have to sign."

BPNG warns on usage of paper notes

He advised that the people must be on look out for various security features as detailed on the K50 and K100 posters before accepting them. I

“If any of these security features do not appear on the banknotes given to you, do not accept it.

“Be alert and don’t be fooled by accepting any paper banknotes.”

Bakani added that the Bank is aware that there are PAPER BANKNOTES in the hands of some people attempting to exchange them for polymer banknotes.

Total Government debt at K19m

Central Bank Governor in his September Quarterly Monthly Bulletin revealed that the domestic loans increased while external loans decreased.

He said the increase in domestic debt was largely attributed to net new issuance of Government securities, while the decrease in external debt reflected the loan repayments.

Bakani further added that the total amount of Government deposits at the depository corporations increased by K146.2 million to K2,652.7 million in September 2016, compared to June 2016.

BPNG warns about fast money schemes

The Bank in a media statement strongly advised the public against putting money in fast money schemes/ scams, as they are illegal and fraudulent.

Governor Loi Bakani said people who place their money with promoters or agents of these money schemes/scams risk losing their hard earned cash.

“Before you make decision to be a member of any scheme, you must understand the products and services being promoted, who the shareholders are, the means by which registration is done and the terms and conditions for you to be a member.

Bakani calls for tougher revenue measures

Bakani, in his Quarterly Economic Bulletin also reiterated his call for Government departments and agencies to live within their means while maintaining critical services for the public.

He said the level of foreign exchange reserves as of Dec 30, 2016, was K5,266.9 (US$1,685.4) million, compared to K5,467.5 (US$1,725.1) million at the end of September, 2016.

Bakani explained that the Government’s decline in revenue in 2016 is due to low commodity prices and low tax collections.

He said both revenue and expenditure have been lower than budgeted for in 2016.

BPNG and Oxfam drive financial literacy in Highlands

A memorandum of understanding  (MoU) was signed last Friday Nov 25, by the Assistant Governor of the Bank of PNG, Ellison Pidik and David Shields, the Livelihoods Manager from Oxfam to carry out the project.

Speaking at the occasion, Shields said the Financial Literacy trainings cover budgeting and saving for families’ lik-lik businesses, including gardening sales.

“With these skills, families will be able to plan better for their financial futures, and achieve their financial goals”.

BPNG: G4S robbery cash is safe

The bank confirmed the status of the cash monies through a number of affidavits produced in court on Wednesday, after an order was issued by Justice Panuel Mogish on Tuesday to have the Governor of BPNG inform the court through an affidavit of the status of the monies.

The bank through its officers did not indicate the exact figure or cash it had in custody but stated the monies are safe. 

O’Neill brushes aside Sir Mekere’s claims

He said the Central Bank operates as an independent entity and the Government has no dealings with its roles

Sir Mekere in a statement claimed that the O’Neill Government’s political interference in the Bank of Papua New Guinea is threatening the stability of the nation’s financial system and state finances, and increasing risks for bank depositors and investors in financial institutions.

Inflation is manageable: Bakani

In its March 2016 Monetary Policy statement, Bank of Papua New Guine Governor Loi Bakani stated that the annual headline inflation was 6.4 percent in 2015, compared to 6.6 percent in 2014.

“This outcome was mainly due to the pass-through effects of the depreciation of the kina exchange rate and the El Niño weather phenomenon, which more than offset the effects of low international food and oil prices, increased competition and cheaper imports.”

PNG Loop 5@5