Credit Corp applies for forex licence

CREDIT Corporation chairman Sir Wilson Kamit says the company is applying for a foreign exchange license to trade and operate.
He said at the annual general meeting last week that Credit Corp was waiting for approval.
“We applied for a forex licence about 18 months ago. We have done a lot of work. There’s a lot of money being put into it,” he said.
“Then the Central Bank came in with the central margin. And in so doing, they put back our application.
“So we are still waiting for the approval from the Central Bank.”
Meanwhile, Sir Wilson said the PNG economy would still be facing issues with foreign exchange which the company faced last year.
“We had a little difficulty on the foreign exchange front,” he said.
“There are people lining up for FX. Even with the Central Bank itself, we have about US$1.8 billion (K6 billion), we’ll be using that more to support the currency.
“The economy has always been resilient, so it will come back.”
Sir Wilson added that Credit Corp’s investments were doing well.  He said Era Dorina, the residential property, is trading profitably.
According to the company’s 2015 annual report, the executive rental market in Port Moresby remained flat last year.
This resulted in reduced occupancy rates throughout the year. While the overall performance of the property is satisfactory, the board and management are monitoring the business and operational environment very closely and will take prompt action to counter possible adverse effects.
Sir Wilson said Era Matana, the company’s new executive apartments, was still under construction.