Local firm licenced to exchange foreign currencies in Milne Bay Province

THE Bank of PNG has granted a Milne Bay firm-Money Exchange Limited a licence that will enable it to exchange foreign currencies to Kina and vice versa.

The Bureau of Currency Exchange (Money Changer) License, was presented by BPNG governor, Loi Bakani, to the firm in a small but significant ceremony which was held in Alotau recently.

Being one of the country’s tourist hubs, the license was welcome news for David Clunns, director of the Money Exchange Limited- the first Money Changer in the province.

Governor Bakani said the license was a commitment made by the Central Bank early this year during the Bank’s board meeting in Alotau to assist the province with a money changer to strengthen the tourist industry.

He said this also supports the Government’s initiative of making Milne Bay province one of the country’s tourist hubs.

Mr Clunns upon receiving the license said it is the aim of the company to help the local people in Alotau and the outer islands exchange the foreign currencies that they receive from the tourists that visit the province.

The company also intends to bring services to the people living in the islands of the province as it is always an issue for many of the locals to travel to Alotau to change the foreign currencies to Kina. It is also for the convenience of tourist ships to exchange their foreign currencies to Kina to purchase local products in the province.

Bank of Papua New Guinea Governor Loi Bakani presenting the license to David Clunns 

Source: Post Courier