BPNG closes down unauthorised foreign exchange trading
Papua New Guinea’s central bank has moved to stop offshore foreign banks, which don’t operate in PNG, trading in the Kina. From this month, people and companies wanting to trade in Kina and foreign currencies will only be able to use one of six authorised dealers. Since July last year, after the Bank intervened to peg the Kina against the US dollar and define a tighter trading range, individuals and companies have been opening offshore