Bank of PNG has more Foreign Reserves available, says PM Marape

Papua New Guinea Prime Minister James Marape his country now has more Foreign Reserve available, to assist bring in the much needed crude oil, to the country.

Mr. Marape said this when responding to a supplementary question from NCD Governor Powes Parkop during parliament question time, on the increased cost of fuel in the country due to the war in Ukraine.

Picture PNG Currency
Picture PNG Currency

Governor Parkop said that the Napanapa Refinery is not producing enough fuel to meet the Domestic Market Obligation (DMO), because of the lack of crude oil supply in the country.

Prime Minister Marape said that the Central Bank is now in a much better position to assist import crude oil to help alleviate this problem.

''At this point in time, the Bank of PNG has more Foreign Reserve in our bank than it has ever had in the last 10 years so to speak.

''Today we got K10 billion plus or equivalent US Dollars about 3 billion US Dollars sitting in our foreign reserve.

''Important and big consumers or customers like Puma and those who need forex in my view they should have easy access now or better access to UD Dollar for their purchase,'' said Marape. 

The prime minister also says that the Government is also venturing into downstream processing, and this is expected to fix the fuel problems within the country.

NBC News/ Pacific Business News

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