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Trade Commerce & Industry Minister says PNG Should Establish Bullion Bank

Image: Zero Hedge

By Staycey Yalo – EMTV News, Port Moresby

The concept of establishing Bullion Bank in the country is an option PNG should consider.

Trade Commerce & Industry Minister, Wera Mori, said PNG as one of the major Gold producing countries in the world, has a lot to benefit from Bullion Bank.

Bullion is Gold, Silver or other precious metals in the form of coins or bars. It is normally used for trade on a market and its value is usually determined by the value of its precious metals content, defined by its purity and mass.

Minister Mori said energy that is required for production should not be a problem for PNG as sufficient energy will be provided by the 2nd LNG project that will coming on stream.

Mr Mori explained that Gold retained as Bullion will serve as foreign reserves.

He stressed that there are many benefits from billion banks for PNG especially in terms of rescuing PNG’s falling Kina.

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