Banks close doors following unrests

THE Bank of Papua New Guinea (BPNG) and all commercial banks were closed yesterday because of the unrest in Port Moresby on Wednesday.
BPNG acting governor Elizabeth Genia said: “The Bank is closed until further notice due to the unrest affecting Port Moresby and Lae cities. This is to protect staff and customers of the bank.
“However, the national payment system, including the Kina Automated System, will operate normally to support the banking needs of the economy.
“Commercial banks are encouraged to contact the central bank on matters relating to the provision of financial services.” Westpac, Kina Bank, the Bank South Pacific, and other financial institutions closed all their branches yesterday.
PNG Chamber of Commerce and Industry president Ian Tarutia said the looting of shops and burning down of properties in Port Moresby would not have happened if police had not gone on strike over their pay issue.
“Fueled by social media, those already doing it very tough on a daily basis capitalised on the opportunity to illegally mob shop at the expense of shop owners,” he said.
“The PNGCCI does not condone what happened and we hope the law-breakers are identified and prosecuted. We sympathise with affected businesses and hope they return to normal operations as soon as practical.”