DURING Parliament sitting yesterday, a question without notice was directed to the Minister for Treasury, Hon. Ian Ling-Stuckey, regarding the devaluation of the Kina.
Deputy Opposition Leader and Member for Chuave, Hon. James Nomane, raised concerns that PNG is not progressing towards the promised future as expected.
He questioned Ling-Stuckey on the Treasury Department’s efforts to address the rising cost of living impacting every Papua New Guinean.
In response, Ling-Stuckey clarified that the Kina is depreciating, not devaluing.
“Starting from April 2023, the exchange rate of the Australian dollar to the Kina was 0.4296. As of September 1, this year, it dropped to 0.3773, a decline of 12.2 percent,” he said.
Ling-Stuckey also highlighted that the Kina had dropped by 9.6 percent against the US dollar.
He added that, for the first time, the current government is implementing policies to tackle the foreign exchange issue.
Mr. Nomane urged the government to introduce policies that would assist ordinary citizens, particularly in light of the high inflation rate.
He said that the depreciation of the Kina would lead to higher prices, affecting many, and called for government action to stabilize the livelihood of the people.
