BPNG’s gradual kina devaluation puts pressure on businesses

The Bank of Papua New Guinea’s (BPNG) crawling-peg exchange rate policy, introduced in January 2024, is drawing growing concern from businesses across the country as the gradual depreciation of the kina continues to erode purchasing power and drive up import costs. The crawling-peg mechanism, a controlled, step-by-step devaluation, was implemented by the central bank to...