11 Feb 2005

PNG business awaits foreign exchange deregulation date

8:18 am on 11 February 2005

Papua New Guinea's business community is still awaiting a date when new rules for foreign currency transactions will take effect.

The National newspaper reports the Bank of Papua New Guinea says it's still working on changes, and officials are unable to give a time frame.

The move to deregulate came after the release of the bank's bi-annual monetary policy statement, stating only that it would take place in 2005.

The bank's managing director, Garth McIlwain, said in the meantime foreign exchange transaction rules that have been in place for many years remain in force.

Business executives have welcomed the proposal to relax controls.

However, they said no explanation has been given yet as to whether legislation regarding foreign currency transactions would need to be approved and passed by parliament.