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Table of contents
- Foreign exchange.
- Westpac Exchange Rates
- Call for better bank rates - The National
- Transferring money
Foreign exchange has gone from being a big business problem to becoming a major impediment for all businesses in Papua New Guinea.
Foreign exchange.
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Westpac Exchange Rates
Privacy policy. Alternatively, this foreign currency can be converted to kina, through the Authorised Foreign Exchange Dealers.
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BPNG has commissioned an audit of offshore foreign currency accounts. Until completion of the audit, the Central Bank will not approve the opening of any new offshore foreign currency accounts. All offshore Kina and foreign currency accounts opened for trade-related purposes, without the prior approval of BPNG, are given a grace period of two 2 months to 6th May to close the accounts and convert the balances into Kina.
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Those in need of offshore foreign currency accounts can apply to the Central Bank. Breaches of these directives.
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Any breaches of these directives will be dealt with in accordance with the Central Banking Foreign Exchange and Gold Regulation. Foreign Exchange Manual.
A revised Foreign Exchange Manual incorporating these directives will be issued. Use of Kina denominated Vostro Accounts of Foreign Banks Only licensed banks in Papua New Guinea PNG are allowed to conduct banking business by accepting deposits, providing loans and converting currency kina and foreign currency.
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Offshore Foreign Currency Accounts 3. Bank of PNG Governor Loi Bakani told a Consultative Implementations and Monitoring Council development forum in Port Moresby last week that it had issued the directives after learning that some foreign currency dealers had not been doing enough to clear the backlog of import orders despite recent improved foreign currency inflows.
Transferring money
Bakani said BPNG had found out that the forex dealers were doing some lending rather than clearing the backlog. Search this site. Random Posts.