Mmm...looking at Reserve Bank statistics foreign reserves have declined by USD$700m this year, as at September. Trying to keep money in the country...smells like devaluation is just around the corner.
[quoted=olderairhead;9597347]Another nail in the coffin for working in PNG.
From the BSP (in part):
Contracts between residents in denominated in foreign currency including employment and other service payments must be approved by the Bank of Papua New Guinea. Unless exempted, all payments between residents must be settled in kina.
Accordingly, employers must settle employment & other entitlements including reimbursements with resident employees in kina and are not permitted to send remittances direct to the beneficiaries overseas account. Employers are encouraged to advise all of their resident employees to open a kina denominated account with a PNG deposit gathering institution, preferably Bank South Pacific by 15th December 2016.
Full document here
http://jmp.sh/VLpvU7R[/quote]