The business community of PNG is facing a struggle to access sufficient FX. This is limiting trade and the availability of critical goods that are part of everyday life.
The businesses community in raising their concerns highlighted the need for the Bank of Papua New Guinea (BPNG) to intervene for the good of the local economy and make more FX available, especially now, when the flow of the dollars from many exporters has dried up.
Members of the Chamber of Commerce are growing concerned with the deteriorating situation and their ability to maintain the supply of vital products into PNG – especially medicine and fuel.
Chey Scovell, CEO of Manufacturers Council of Papua New Guinea said: “We need urgent action to avoid the eminent disruption of the economy and the livelihoods of the people.
“The continuity of access to FX is vital for our businesses to maintain the supply of every goods and services PNG needs.
“This is an issue that needs immediate resolution as well as long term, enduring solutions.”
Hulala Tokome, Chairman and Managing Director of Puma Energy Papua New Guinea said: Puma had not received FX in over a month, and today less than 50 per cent of what we require to pay for the fuel we purchased for PNG.
“Our hands are tied. Without additional FX support, we cannot maintain fuel supplies to the community.”