How is Papua New Guinea managed?

The Papua New Guinean kina is managed through a crawling peg, with its value heavily impacted by the country's natural resource exports. : 143 The largest bilateral trade partner is Australia, followed by Japan, and then China. : 23 The first decade of independence saw slow but steady economic growth. The Ok Tedi Mine opened in 1982.

What is Papua New Guinea gas project?

The project is an integrated development that includes gas production and processing facilities in the Hela, Southern Highlands and Western Provinces of Papua New Guinea, including liquefaction and storage facilities (located northwest of Port Moresby) with capacity of 6.9 million tonnes per year.

Is Papua New Guinea a developing economy?

Papua New Guinea is classified as a developing economy by the International Monetary Fund.

Does Papua New Guinea have an oil refinery?

A 5,000–6,000 m³ (30,000–40,000 barrel) per day oil refinery project in which there is an American interest also is under development in Port Moresby. In 1993, Papua New Guinea became a participating economy in the Asia-Pacific Economic Cooperation (APEC) Forum. In 1996, it joined the World Trade Organization (WTO).

What is Bank of Papua New Guinea (BPNG)?

The Bank of Papua New Guinea (BPNG) is the central bank of Papua New Guinea. Its main function is to issue currency and to act as the banker and financial agent to the Government. It is also in charge of regulating banking and other financial services and manages the gold, foreign exchange and any other international reserves of Papua New Guinea.

What currency does Papua New Guinea use?

The currency of Papua New Guinean, issued by the BPNG, is the kina, which was introduced on 19 April 1975 to replace the Australian dollar. In 2014, Papua New Guinea's merchandise exports were: 29% other.