14 Jun 2006

PNG's foreign reserves near record US$1 billion

8:47 am on 14 June 2006

Papua New Guinea's Central Bank says the country's foreign reserves now total over 1 billion US dollars.

The bank enters the foreign exchange market from time to time to smooth the effects of short-term volatility.

The bank's Governor Wilson Kamit said the exchange rate is expected to remain stable this year, given favourable international prices for mineral and non-mineral export commodities.

The National reports the bank governor also saying that there was positive outlook for this year's budget.