by Michaeline Moir-Bussy – EM TV News, Cairns
Last Friday, the Bank of PNG released an economic update, and in it the Bank emphasized the need for exporters to take advantage of the kina depreciation to increase production and exports that would bring in the much-needed foreign exchange.
Yesterday, the Governor of the Bank of Papua New Guinea, Loi Bakani, shared an economic update at the 32nd Australia Papua New Guinea Business Forum.
In that economic update released last Friday, Mr Bakani advised consumers and importers to adjust their consumption patterns and sourcing of imports by buying locally produced goods, this he says will reduce demand for foreign exchange and also encourage the development of PNGs local industries.
Yesterday, Mr Bakani addressed the delegates at the Australia Papua New Guinea Business Forum.
As Govornor of the BPNG, he took this time to clarify, to what he says are misrepresented comments that have been raised by commentators about how BPNG has been managing Papua New Guinea’s affairs.
And of course Mr Bakani touched on the current short term issues, the shortage of foreign exchange reserves and the depreciation of the PNG Kina.
The Governor also addressed news about the IFC facilities which he says are still ongoing, as well as other facilities sought by the Central Bank. The Governor again zeroed in on rumors spread on internet blogs and had this message: