The Head of Central Bank of Papua New Guinea has announced the improvement of the foreign exchange rate.
Governor Loi Bakani, announced yesterday that this comes at the backdrop of improved commodity prices and influx of foreign exchange by mining giants.
Bakani said the economy will improve slowly and businesses will bounce back.
Bakani said records have proved a slight but remarkable difference from the economic struggles faced in early 2016.
“The slight improvement follows a climb in prices of both mineral and non-mineral commodities,” said Bakani.
Bakani says this is to meet local expense and other significant investments.
But there is a concern to keep this momentum going for the foreign exchange to improve further.
“We have to encouraged renewable resources, this will support our rate of export to help our foreign exchange,” said Bakani.
Bakani says a sustainable mechanism must be put inplace.
Bakani believes downstream processing is one of options for the way forward.
