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By Staff Reporter : PNG Today

Foreign Currency Improving, says Bank of PNG Governor

The Bank of PNG said the country's much talked about foreign currency issue is improving.
Governor Loi Bakani said, this is demonstrated in the less amount of time being taken in processing foreign currency orders from companies unlike in 2016.

Where it took 6 or 7 weeks to process the forex orders but this has reduced in 2017 from 1 to 2 weeks.
Speaking to reporters in Port Moresby, on a host of issues on the country's economy, the Central Bank Governor said PNG's foreign currency market has seen more improvements than last year.

Loi Bakani said PNG's foreign currency issue had been due to a mismatch between the demand posed by local companies and the insufficient supply that was coming in through export earnings.
But he said this wider gap between the supply and demand issue on the foreign money in the country, is now narrowing.
Meanwhile the Governor of the Central Bank said the forex issue in the country is the result of PNG having a relatively narrow export base economy.
NBC News

Posted by Staff Reporter : PNG Today on 2:34 AM. Filed under , . You can follow any responses to this entry through the RSS 2.0. Feel free to leave a response

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