BPNG builds distribution centre in Lae

Business

THE Bank of Papua New Guinea plans to have a new currency distribution facility built in Lae to take central banking closer to the people.
Governor Loi Bakani said local firm L & A Constructions had been awarded the contract to construct the facility.
Bakani and the chairman of the company Sir Luciano Cragnolini signed the contract last Wednesday.
Bakani said the company was a long-standing and pioneering force in the local construction industry which would deliver the project on time.
Bakani said the project would create opportunities for locals and businesses in the province.
“The Lae CDF building would be Bank of PNG’s first facility outside Port Moresby, which demonstrated the bank’s commitment to improved central banking services to the people of Papua New Guinea.”
Bakani said the objectives were to improve efficiency and cost-effectiveness in the distribution of the Papua New Guinea currency (notes and coins) and to promote the quality of notes and coins in circulation.
“The bank’s decision to build the Lae currency distribution facility was within its overall strategy of reaching the unbanked population of Papua New Guinea,” he said.
“Lae is the hub and gateway to the Highlands, Mamose and New Guinea Islands, and the location will help in enabling financial inclusion and financial education to reach a greater percentage of the population.” Work is expected to be completed by May 2018.
Bank of PNG’s main function is to issue currency and to act as the banker and financial agent to the Government. It is in charge of regulating banking and other financial services and manages the gold, foreign exchange and any other international reserves of Papua New Guinea.

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