16 Sep 2004

PNG government reaps dividend from central bank profit

9:37 am on 16 September 2004

The government of Papua New Guinea has benefited from the central bank's record profit of over US$21 million for the last year.

The treasurer of PNG, Bart Philemon, received a dividend payout of over US$ 15 million from the governor of the central bank, Wilson Kamit.

The Post Courier quotes Mr Kamit as crediting this "major achievement" to prudent management strategies by its board of directors.

The bank's board approved the dividend payout to the Government, after it transferred over US$5.5 million to the banks' reserve funds, that's earmarked for future contingencies.

The dividend was paid from the bank's 2003 operating profit.