Private sector seeks more financial insights with Bank of PNG

THE country’s private sector would like to have more engagement with Bank of Papua New Guinea (BPNG), Business Council of PNG (BCPNG) executive director Douveri Henao says.
Henao said the engagement would be more to do with looking at the right type of monetary policy.
“We will also encourage the Central Bank (BPNG) to engage with businesses often to look at the right type of monetary policy that this K1.9 billion (being brought in for foreign exchange purposes) can be used effectively,” he said.
“It is their (BPNG) prerogative to identify priority industries that have national interests.
“But we would want a more-structured and consultative approach on the distribution of the foreign currency, which they have significant influence over.
“At the end of the day, it’s really up to the banks on who they prioritise and who they support. We would encourage a much more robust engagement approach on monetary policy use with industry.”
Meanwhile, it is not known exactly when the K1.9 billion foreign currency assistance – announced by Prime Minister Peter O’Neill last week – will be made available to the market.