Foreign exchange woes easing

Business

THE shortage of foreign exchange liquidity in the economy appears to be easing, according to the Oxford Business Group.
It said in a statement that increased currency inflows were helping to meet the needs of importers and the financial sector.
However, it could be some time before the imbalance is fully rectified.
It said Governor of the Bank of PNG Loi Bakani had issued the latest monetary policy statement, highlighting a strong improvement in the economy’s foreign currency position.
The outstanding backlog in foreign exchange demand fell to K320.1million (US$94.8m) in February, down from K445.4m (US$131.8m) at the end of last year.
It was significantly lower than the K1.7bil (US$514.8mil) backlog recorded in December 2017, according to Bakani.