Bank PNG puts its trust in Lae growth

By EREBIRI ZURENUOC
THE new currency processing facility (CPF) in Lae is in line with the National Government’s medium-term development strategy, says Bank of PNG Governor Loi Bakani.
He was speaking at the opening of the new building, named Bakani Andu Kanom Sega on 3rd Street on Saturday.
“This is one of the Central Bank’s contributions to nation-building and an expansion of our services to the wider community, to bring awareness to our people on banking and finance, and provide other central banking services,” Bakani said.
“As the PNG economy grows and diversifies, supported by big and new infrastructures in Lae, Morobe province and other nearby provinces, and the development of new resource projects like Wafi-Golpu mine, demand for currency will certainly increase.
“The establishment of the CPF is timely in dealing with this expected growth.”
The ceremony was attended by Deputy Prime Minister and Treasurer Charles Abel, Governor-General Sir Bob Dadae, guests from central banks of Vanuatu, Solomon Islands and Tonga, heads of businesshouses, and bank staff.
Evangelical Lutheran Church head bishop Rev Dr Jack
Urame, when dedicating and blessing the building, said it should be a foundation to serve the people.
“The building stands in the heart of the city,” he said.
“It is decorated outside with beautiful symbols of butterflies. It reminds us of the beauty of our country, beauty of our culture, and the beauty of the people in our societies.
“Not only the butterflies, but there are other symbols on the currencies of the country, which signify the richness of what we are, as a nation and as Pacific people.
“It should be a constant reminder of God’s wonderful creation.
“The beautiful butterflies should also remind us of life, which is a gift from God.
“God creates life and blesses it.”
Former governor of the bank Sir Wilson Kamit, who first came up with the idea of having a currency distribution centre in Lae, said having the second facility would greatly benefit the bank and the people.
“The bank can service the regions, because previously we had a small facility only in Port Moresby,” he said.
“The other benefit is that it employs a lot more people, about 70 bankers, and others such as security personnel.
“With the operations of the facility, its spreads the business out of Port Moresby to a wider area.”