Puma Energy in talks with Central Bank over forex issues

THERE is ongoing dialogue with Bank of PNG (BPNG) to identify various sustainable options to ease foreign currency challenges, Puma Energy PNG country manager Hulala Tokome says.
“Puma continues to have significant dialogue with the Government, the Bank of PNG and the commercial banks,” Tokome told The National yesterday.
“We have for the month of March received some relief from the BPNG and we are appreciative of that.
“More work is required and the dialogue regarding multiple options for sustainable long-term solutions will be ongoing over the course of the next few weeks.
“No rationing has occurred at this stage and Puma remains confident that continuing positive discussions and actions taken by the BPNG, the Government and commercial banks will result in a positive outcome for the PNG economy.”
Tokome said the Russia-Ukraine war continues to impact world oil prices.
Tokome was commenting on Prime Minister James Marape’s statement last week that there was about US$3 billion (about K10.31 billion) in foreign reserve at BPNG.
Marape told Parliament that the level of foreign currency available in the Central bank was enough for companies to do their overseas purchase.
He said Government was looking at removing excise or levy on fuel so cost was not passed onto customers.
“But if Puma is struggling, then we will get Treasurer and his team to assist so that we do not have shortage of fuel in our country,” he said.