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April 21, 2021
News

Prime Minister on PNGs Foreign Currency Trade

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By Jack Lapauve Jr, EMTV – Port Moresby

“PNG’s foreign currency trade is not as bad as it’sounds,” Prime Minister, Peter O’Neill, said this, adding that the government has put control measures on commercial banks while increasing lending through the business sector.

Mr. O’Neill called for exporters to do business in the country to give confidence in our economy.

O’Neill said the government is clamping down on commercial banks in the country while controlling lending and trade through the private sector. He said the economy is struggling, but will pick-up as first flow of LNG revenue is available later this month.

“We want them to increase their lending book, we don’t want them to increase their foreign currency trading, that is why we limited the margins for trading in foreign currency, As a result there is a habit of tightening going on”, said O’Neill.

O’Neill maintained that the government does not have control over foreign reserves as the Central Bank performs its task as the regulator. He called for big players that export to do more business in the country to increase the current lending rate.

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