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.