Interest rates charged by banks in Papua New Guinea, are very high compared to others in the world and even people's hard-earned savings are not being compensated properly.
This was the grim message relayed by Minister for Trade, Commerce and Industry Richard Maru, when presenting a nine-million Kina cheque to the National Development Bank recently, for the construction of three new Pipol's Micro Bank Branches, nationwide. Mr. Maru said, this is because of many factors like the level of market risks involved, but the National Government has seen that this is too excessive, therefore, has asked the N-D-B to reduce its interest rates to as low as six-point-five per cent. Meanwhile, Finance Minister, James Marape said, the National Government is aware of this problem and is now considering ways of continuing to lower the current interest rate in the next two to three years, to further assist local businesses and S-M-E's.
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