BPNG releases bank notes

By DALE LUMA
BANK of PNG (BPNG) governor Loi Bakani says they have released to the commercial banks new banknotes to fix the shortage of cash in their automated teller machines.
He was responding to queries by The National on the reason behind the cash shortage in ATMs last weekend and on Monday.
The Bank of South Pacific explained that one of the causes was the lack of quality bank notes.
“We give banks only new banknotes,” Bakani told The National.
“Then we rely on banks to return used banknotes to us, and only issue back to them banknotes that are tested fit to use in our sorting machines.
“In fact if the banks are doing proper sorting out of used banknotes, they can retain some of the fit notes for their ATMs.
“They only give back unfit notes and get new notes.”
Bakani said the BPNG had been in discussion with the banks to resolve the matter.
BSP group chief executive officer Robin Fleming said earlier the bank was in regular contact with the Bank of PNG about getting good quality notes.
“(We) will be focusing on having more cash available for ATMs to meet increasing demand,” Fleming said.
He also said the demand for cash withdrawals had been “unusually high” recently.
“BSP continues to encourage customers to consider their need to use cash and to use BSP’s digital channels available to receive and make payments,” he said.
“BSP digital channels offer customers a convenient and cost-effective means of purchasing goods and making payments.”