Kina stronger than AU$

THE recent depreciation of the Australian dollar has had the effect of making Papua New Guinea’s kina stronger.
Kina stronger than AU$ Kina stronger than AU$ Kina stronger than AU$ Kina stronger than AU$ Kina stronger than AU$

Staff Reporter

This was reported by The National newspaper, which was quoting Bank South Pacific chief executive Robin Fleming.
 
"The kina moves against a basket of currencies that has a heavy weighting to the US dollar in which currency a large number of PNG exports are traded.
 
"The kina has depreciated marginally against the US dollar this year whereas other currencies that are far more actively traded, such as the Australian dollar, have depreciated far more rapidly than the PNG Kina.
 
"The Australian dollar is at a 10-year low against the US dollar and, as a result, the kina has become stronger than the Australian dollar. This is due to the Australian dollar depreciating against the US dollar rather than the kina getting stronger.
 
"In some ways, this is accelerating the demand for Australian dollars by importers as the exchange rate is favourable for those importers."
 
Fleming further noted that supply of foreign exchange had not improved and export at this stage was marginally lower than last year.
 

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