Papua New Guinea: monetary tightening ahead
The Bank of Papua New Guinea will adopt a tightening monetary policy stance for the remainder of 2008, according to the central bank's latest monetary policy statement.
The reason behind the tightening is expected inflation of around 8%, for the rest of the year, and continued growth in private sector lending. Annual headline inflation was 7.5% in March and private sector lending showed annual growth of 35.3% in June 2008. The central bank further expects real growth of 7.6%.
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