3 Sep 2004

PNG commercial banks go public to try to solve a coin shortage

3:17 pm on 3 September 2004

Major banks in Papua New Guinea are running out of coins and are asking the public to cash in any surplus coins.

The Post Courier reports commercial banks have placed advertisements seeking coins from the public.

ANZ bank managing director Garry Tunstall says the bank had experienced shortages in certain branches.

He says this had been largely caused by coin collectors retaining silver, or on-selling to other businesses.

Mr Tunstall says the high cost of transporting cash within PNG is also not palatable.

BSP chief executive officer Garth McIlwain says the coin shortage in some areas seemed to be a regular feature, often caused by cultural factors with the hoarding of silver coins.