Central Bank records K5 billion forex reserve

Business

The level of gross foreign exchange reserves at the end of December 2017 was K5.4 billion which was sufficient to cover 5.9 months of total and 9.7 months of non-mineral imports.
This is according to Bank of Papua New Guinea’s December quarter economic bulletin released on Thursday.
The employment index indicated that the level of employment in the formal private sector declined by 2.3 per cent in the December quarter of 2017, compared to a decline of 1.4 per cent in the September quarter of 2017. The level of employment fell by 2.2 per cent in the non-mineral sector.
By sector, employment decreased in the construction, mineral, wholesale, agriculture/forestry/fisheries, transportation and financial/business and other services, which more than offset increases in the manufacturing and retail sectors.
However, global economic growth was expected to continue to improve in 2018 mainly across advanced and emerging market economies, reflecting a rebound in investment, trade and manufacturing activity.
Total public (Government) debt outstanding in 2017 was K23.5 billion, compared to K21.9 billion in 2016, reflecting increases in both the external and domestic debt levels.
BPNG Governor Loi Bakani said the fiscal position of the National Government last year showed an overall deficit of K1.7 billion compared to a deficit of K3 billion in previous year.
The total revenue including foreign grants last year was K11.5 billion or 9.9 per cent higher than previous year.
Total expenditure in 2017 was K13 billion or 1.9 per cent lower than in 2016.
The total amount of Government deposits at depository corporations increased by K10.3 million to K2 billion in December 2017, compared to September 2017.
The balance of payments position recorded a surplus of K350 million in 2017, compared to a surplus of K30 million in 2016.

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