Posted By Staff Reporter
The Bank of Papua New Guinea has announced several policy measures to maintain monetary, financial and payment systems stability as the country’s economy adjusts to the negative impact of the COVID-19 pandemic. Governor of BPNG Loi Bakani says these measures will take effect immediately to provide sufficient liquidity to individuals and businesses at a reasonable cost.
Under the Monetary Policy, there will be seven measures undertaken, among them Foreign Exchange Interventions. Governor Bakani says the bank is committed to providing US dollar liquidity to the domestic FX inter-bank market based on its assessment of the demand and supply for foreign currency. The Bank has directed the Authorized Foreign Exchange Dealers to give priority to retailers and wholesalers of medical drugs, medical and pharmaceutical companies, particularly the import of products that relate to COVID-19. Bakani says the bank will also make foreign currency available directly to the National Department of Health for urgent COVID-19 related purchases abroad In terms of prudential measures, Governor Bakani says the Central Bank will relax prudential requirements to cover the three months loan repayment holiday. BPNG will continue to supply adequate currency to commercial banks on a daily basis. Next : PNG Economy Faces Recession, Says O'Neill Comments are closed.
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