Sound financial system: BPNG

 PAPUA New Guinea has a sound financial system with total assets worth K38.66 billion at end of March, the Bank of Papua New Guinea said.

While presenting the financial and state of economy yesterday, deputy governor Benny Popoitai said this included the banking sector which stands at K30 billion, superannuation K8 billion and life insurance K0.47 billion.

Total loans as at end of March was valued at K12.2 billion, of which non-performing loan was 2.2% and 0.9% of total assets.

Foreign exchange reserves were projected to be K6,744.6 million this year from K6,912.1 million last year.

The Central Bank’s capital adequacy ratio or its capital risks was well above the minimum requirement of 12%.

Popoitai said this year marked the thirteenth year of uninterrupted economic growth.

He said factors influencing the performance included stable political system, good economic policies and the PNG LNG project.