Vital to impose cap to restrict funds outflow

Letters, Normal

I REFER to the statement made by the Central Bank (The National, Nov 6) in response to questions raised by the parliamentary inquiry into the anti-Asian riots.
BPNG has said that there are no limits on the amount of money coming in or going out of the country.
When inquiry chairman Jamie Maxtone-Graham asked whether the limit of K10,000 still applied, the response was that the specific limits under the old regime no longer applied.
This is one of the biggest mistakes PNG made since opening to the outside world.
This means there is a huge leakage in the flow of money.
I don’t know what BPNG is trying to do but we need to put a cap to restrict the outflow of money.
The relevant authorities must make an effort to ensure that all small and medium-sized enterprises owned by foreigners are registered entities to make sure they pay tax.


Mathew Kakaraya