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Bakani: Low kina value favourable

Staff Reporter 11/18/2015 | | |
 BANK of Papua New Guiena Governor Loi Bakani says the depreciating kina value provides a favourable environment for tourism and local exporters to capitalise on.
 “One of the factors that tourists overseas consider is whether it is expensive to come here because it involves the conversion from whatever currencies they have to come to Papua New Guinea,” Bakani said.
“It’s much cheaper for them (tourists) to come to Papua New Guinea.
“For their dollar, they get more kina out of it now when they come to PNG.
“This is a good time to attract tourists, the same way as our producers. Anyone involved in any export products, this is a good time to encourage them to increase production and sell.
“When they sell, they get more kina out of those products that they sell so the depreciating kina is very attractive now for tourism.”
Bakani said it could also benefit people in rural areas.
“Of course we can’t appreciate the importance of this sector and the need to invest in it unless we are clear about the economic benefits.”

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