Prime Minister Peter O’Neill is confident that the kina will recover from its current free fall.
He told a media conference at Parliament House yesterday that he welcomed steps taken by the Bank of Papua New Guinea to arrest the falling kina against major currencies. Mr O’Neill said the kina is floating and due to demand and supply the kina has been depreciating for a while. “We see that the central bank will intervene but some banks are speculating on this. We do not want currency trading coming in and taking advantage of the situation,” Mr O’Neill said. He welcome the central bank Governor’s Loi Bakani’s announcement to address the issue and is confident that the kina will stabilise. Mr Bakani has stated that the country will get through this storm of the depreciating kina, dispelling fears that the downward slide will continue to affect government, businesses and individuals. He said the depreciation, which started in September last year, was a result in the slowdown in the LNG construction work and falling commodity prices. He said the central bank and commercial banks had taken measures over the past two weeks which had seen the kina stablise at USD0.4140. Post Courier/PNG Facts Comments are closed.
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