12 May 2014

Reassurance on longterm value of PNG kina

4:46 pm on 12 May 2014

Papua New Guinea's Treasurer has moved to reassure the business community about the strength of the country's currency which continues to depreciate.

Following news the kina depreciated by 2.6 percent in the last month, continuing its slide since late last year, Patrick Pruaitch says the down turn of the Kina value is only temporary.

He says the value of the kina will be boosted once proceeds from the first shipments from the Liquefied Natural Gas project are paid to the country later this year.

PNG Loop reports the Treasurer saying the decrease in the kina's value is due to the lack of foreign currencies coming into the country and the demand for PNG to make payments in foreign currencies.