Nambawan Super Declares a Solid Profit for 2009

10% interest Crediting Rate for members and Increases its Reserves.

By any measure, 2009 was a difficult year for business and investment.  The global financial crisis (GFC) battered a wide range of industry sectors around the world, tightening the global flow of money and putting intense pressure on investment markets.

To some extent, the Papua New Guinea economy was sheltered from the worst of the GFC’s impact.  A number of the Fund’s investments thrived during the year, against the worldwide downward trend that saw billions wiped from share market capitalisations.

Palm Oil fruit shortage hits 2 Oro mills

Bad road networks preventing supplies from reaching mills  (source The National)

The two palm oil mills in Oro province have been hit by shortage of palm oil fruits for processing.

This was disclosed yesterday by CTP Cargill Group's Higaturu Oil Palm (HOP) general manager Vigy Ponnudurai, who said the mills are getting less supply of oil palm fruits from local producers.

BANK LENDING RATES EXPECTED TO DECLINE

By Sheila Lasibori - The National

The Indicator lending rate (ILR) set by commercial banks is bound to decrease as the Central Bank will keep the kina facility rate (KFR) at 7% this month.

With Bank of PNG's KFR at a low of 7%. the next immediate action is that the banks and licensed deposit-taking institutions will reduce their lending rates.

According to BPNG's recent statistics, when the KFR is low, the inflationary pressures continue to decline.

BPNG will ease its monetary policy similar to that of last month when the KFR was also at 7% after a reduction by 1% from 8%. KFR is a rate set by the Central Bank and is a measure of control of its monetary policy.

There is hope that the inflationary pressure might continue to decrease.

However, the construction phase of the ExxonMobil - led PNG liquefied natural gas project and other activities in the country might give rise to imported inflation.