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PNG and Indonesia plan for direct Currency exchange to boost trade

Staff Reporter 9/23/2013 | | | |
Port Moresby (The National): PAPUA New Guinea and Indonesia plan to establish an understanding of direct currency exchange to boost advanced trading across the border, according to Treasurer Don Polye.  
Polye said he had discussed the issue with his Indonesian counterpart during the APEC meeting in Bali, Indonesia, last week. 
They have agreed to continue the discussion. 
He said a better programme would be created by the Treasury departments and central banks of the countries.
PNG will be allowed to directly exchange its currency into Indonesian rupia for trade opportunities across the border. 
“I talked with the Indonesian Treasury Minister on the trade along the PNG-Indonesian border,” he said. 
“Some amounts of money are lost when Papua New Guineans change the kina into Indonesian Rupia. 
“The process is changing kina to Australian dollar then to rupia. Through that exchange rate value chain unecessary spendings occur and money is lost. 
“I would rather see a direct kina to rupia conversion in exchange rate. 
“I am keen to establish a direct arrangement for easier access. We have got to stabilise the exchange rate through a policy on monetary arrangements through the central banks of the two countries. The Indonesian minister has agreed. 
“This will open up opportunities where a Papua New Guinean can get more when trading with Indonesia and likewise.” 
Polye said he had consulted the Governor of Bank of PNG and his executives at the Treasury Department on the idea.

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