Bank buys Treasury Bills

The National Business

ANZ PNG invested an additional K250 million in Treasury Bills on Friday with the aim to continue its support towards the PNG government’s financing challenges, according to the bank.
ANZ, in a statement, said that was done through ANZ’s existing funding of Treasury Bills.
The bank also introduced a number of support measures for businesses in Papua New Guinea to help them manage the impact of Covid-19.
ANZ PNG country head Mark Baker said the measures would help address an increase in demand for credit as companies move to offset reduced cash flow and manage debt.
“These measures are aimed at supporting our PNG customers and businesses looking to trade through these challenging circumstances,” he said.
“We recognise these are uncertain times and remain ready to adapt our response to provide further support if necessary.
“We encourage our customers to talk to us if they’re experiencing financial hardship relating to the Covid-19 pandemic.”
The support measures for a minimum of three months include:

  • A REDUCTION of 1.00 per cent per annum on all local currency overdraft interest rates for corporate customers (effective April 3, 2020);
  • A REDUCTION of 1.00 per cent per annum on all local currency variable term loan interest rates for corporate customers (effective April 3, 2020);
  • REMOVAL of quarterly loan administration charges for corporate customers;
  • FINANCIAL support packages to corporate customers on a case by case basis, including a review of principal and/or interest payment schedules; and,
  • A waiver of loan restructuring fees for corporate customers on a case-by-case basis.

Barker said ANZ PNG would also prioritise foreign currency for critical imports, including healthcare, food and fuel.

4 comments

  • Government of png must leave such practice,befor we financially get trapped into another debt log to prolong and manuflated our economy.think before act,wehave everything to boost our economy and financially be a independent States of its own.

  • Correct! Govt to use this lockdown period to flush out unnecessary positions and invalid back log off claims! Advice those people with duplicate position not to come to work. Continue with the lockdown and allow our people to stay in their own provinces to work the land to revive agriculture. This Will keep the government basket healthy and not borrowing too much from banks.

  • Simple about Banks that they print money out of thin air. This means, when Banks give out loans, they are NOT taking the saving made by another person or corporation. In their books, savings made by individuals or corporation is a liability to the bank.
    Then how do they make money? Simple, they bring forward your hard work in the number of years(say 20 years of labor) and advance you your own earnings to be made in 20 years through hard work. Then they continuously monitor you to make sure you are virtually working hard to come up with your promise. Therefore, having learnt that little trick, the Government should print it’s own money relying on the aggregate productive resources (labor force, agriculture, minerals, timber, fisheries) activity of the country. GOVT. DOES NOT NEED TO BORROW MONEY! WHY IS CENTRAL BANK AND DEPT. OF TREASURY BEING FOOLED LONG TIME… ALL THIS YEARS??? BANKS WILL GIVE THEIR SCARE TALK TO GOVT. SAYING THIS WILL CREATE HYPER INFLATION!!! DEFINITELY, BANKS ARE THE ONES THAT FLASH OUT MONEY IN A SERIES OF UNTIED LOANS TO COUNTER GOVT. PRINTING IT’S OWN MONEY THAT NORMALLY CREATE HYPER INFLATION, NOT GOVT. PRINTING IT’S OWN MONEY. THIS NORMALLY HAVE IT’S DARK SIDE OF THE STORY TOO, ESPECIALLY WHEN DEALING WITH BIG BANKS AND BIG ECONOMY WHERE IT IS THE SURVIVAL OF THE BIG BANKS, E.G.
    PRESIDENT JOHN F. KENNEDY WAS ASSASSINATED DUE TO THIS REASON, AS WELL PRESIDENT ABRAHAM LINCOLN, PRESIDENT JACKSONS AND SEVERAL OTHER PEOPLE AROUND THE WORLD.

    Anyways, Papua New Guineans are still locked up in our ancestral cave to understand this languages because even the Australian National University don’t teach this economics, finance or banking systems…..
    OVER TO ANYONE OF YOU WHO MIGHT WANT TO PROOF THIS TO BE UNTRUE TO CHECK IT OUT!!!!

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