DEPUTY PM ROSSO WELCOMES BANK OF CHINA TO PNG

By Martha LOUISE, Lae

Deputy Prime Minister John Rosso has endorsed the entry of the Bank of China into Papua New Guinea, highlighting its potential to ease foreign exchange issues and support trade.

Rosso stated that if the Bank of China complies with international and PNG-specific banking regulations, its presence would be welcomed.

Rosso says, more banks are encouraged here because there are very few options and that more banking choices could stabilize the availability of U.S. dollars and enable transactions in Chinese currency.

He dismissed national security concerns, affirming that PNG’s strong ties with Australia would remain unaffected.

The deputy Prime Minister Rosso says, Australia is PNG’s number one partner, but as a sovereign nation, trade decisions must be made to benefit the people.

The Bank of China plans to open its first branch in Port Moresby, marking its initial presence in the Pacific.

This move has raised concerns in Australia, particularly with Port Moresby’s first casino set to open next year with Australia and U.S. closely watching China’s expanding influence in the region amid the exit of Western banks from the Pacific.