Economic activities between Indonesia and P-N-G can increase after a Memorandum of Understanding was signed between the two countries to use double currency at the P-N-G /Indonesia border.
The M-O-U signed last Thursday regulates exchange mechanisms of the P-N-G Kina and the Indonesian Rupiah. It was signed in Yogyarkata between Bank Indonesia's Deputy Governor Payment Systems Ronald Waas and P-N-G Deputy Governor Benny Popoitai. Deputy Governor Ronald said that the signing will now increase the growth of banking industry along the border, and also increase money exchange facilities, which will make it easier for people to exchange their currencies in any side of the border. He said the first MOU was signed in 1996 and it has been amended through the years to make it more applicable to the changes, and this new one will be for a term of five years. Ronald also said that currently they only have two money changers, and this has created a lot of problems for people who travel to the border for shopping, resulting in Papua New Guinean shoppers taking the kina across and spending it in Indonesia without changing it first but this signing will stop that. Meanwhile, Mr. Popoitai also said that this is an important signing and will help to retain all currencies within the respective countries and and also help control trading along the border as well. He said PNG has lost in the past but this signing will now make it a win win situation for both countries.....PACNEWS Comments are closed.
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