Poor flow of forex a worry

The National,Monday July 4th, 2016

A COMMERCIAL bank has admitted the reduced flow of foreign currency in the country.
A Westpac’s spokesperson told The National last week on email that it had impacted all foreign exchange dealers.
“There has been a reduced level of foreign currency flows from trade and investment that have impacted all foreign exchange dealers.”
The spokesperson said the foreign currency flows (available currency via banks and foreign exchange dealers) were quite different to the currency reserves held by the Bank of Papua New Guinea.
“Currency reserves is a different matter. The Bank of Papua New Guinea holds an adequate level of foreign currency reserves.”
But the spokesperson said Westpac would continue to work with the Bank of PNG to deal the issue of foreign reserve in the country.