Governor, Central Bank Wilson Kamit of Papua New Guinea

Mr Kamit was appointed as Governor of the Bank of PNG and Chairman of the Bank Board in August 1999.

Mr Kamit said this was because the countrys banking system raised most of its funds through deposit takings within the country and then invested those funds within PNG or within the South Pacific region.

Mr Kamit said despite the high level of liquidity in the banking system which had provided commercial banks sufficient funds and restricted them from borrowing overseas, the banks lending was prudent with non-performing loans declining over the years.

economy, Central Bank Governor Wilson Kamit said yesterday.

financial products that were linked to the sub-prime mortgage market.

to the private sector by commercial banks.

Kamit said the likely impacts of the global economic slowdown to PNG were: a decline in the growth of PNGs GDP; a reduction in export revenue; a reduction in government tax revenue; a fall in borrowers capacity to repay loans which would increase non-performing loans of commercial banks; a reduction of foreign direct investments for new resource-based projects; and a decline in PNGs international competitiveness for its exports.