“These contemporary currencies served as each economic devices and nationwide emblems of our independence and unity as a nation,” Genia noted. She provided insights into the cultural significance of the Kina and Toea, explaining that the word “Kina” is found in each the Pidgin and Kuanua languages and describes the priceless pearl shell extensively traded in PNG’s Highlands and Coastal regions. Similarly, “Toea” refers to a priceless type of shell used in trade and traditional bride price ceremonies in the Motuan Coastal villages. Governor Genia expressed the Bank’s ongoing dedication to maintaining belief and confidence in physical foreign money, even as international trends shift in course of digital currencies and digital payments.
The nickel SEZ at Weda Bay alone created eighty,000 direct jobs and 12,000 oblique jobs—more jobs than PNG’s entire mining and petroleum industries combined. In 2022, investment in downstream mining surged to almost US$9.2 billion, in comparability with US$4.1 billion in 2019,” Maru noted, emphasising the numerous function these investments have performed in Indonesia’s mining business. The Indonesian Government has really helpful Business News that PNG adopt a similar strategy and implement a ban on uncooked materials exports. “Our authorities has already declared its intention to pursue downstream processing, and we don’t have to reinvent the wheel. Indonesia is right next door, able to share its expertise and provide help,” said Minister Maru.
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