Posted By Staff Reporter
Papua New Guinea Kina Exchange rate will ease by end of April this year, it has been revealedl.
Bank South Pacific chief executive officer, Robin Fleming, revealed that the Ok Tedi Mine's cash flow following its resumption, plus new government loan will ease the foreign exchange situation.
Business Advantage PNG, reports Fleming, saying Ok Tedi brings in up to 30 to 40-million U-S Dollars or about 94 to over 125-million Kina a month.
He says, the Government's 300-million U-S Dollar or the over 940-million Kina loan facility from the International Monetary Fund for commercial banks, together with OK Tedi's restart will resolve the country's foreign exchange problem.
More than 360 to 400-million U-S Dollars or around 2-billion Kina was absent from the market, following the shut down of Ok Tedi last August.
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