Monetary & Banking 

Country name:

conventional long form: Independent State of Papua New Guinea
conventional short form: Papua New Guinea
former: Territory of Papua and New Guinea
abbreviation: PNG

 

Capital:

Port Moresby. Population: 275,000 (UN estimate 2003).
 

Description:

Papua New Guinea consists of over 600 islands and lies in the middle of the long chain of islands stretching from mainland South-East Asia. It lies in the South Pacific, 160km (100 miles) north of Australia. The country occupies the eastern half of the second-largest non-continental island in the world, as well as the smaller islands of the Bismarck Archipelago (Admiralty Island, Bougainville, New Britain and New Ireland), the D’Entrecasteaux Island group and the three islands of the Louisiade Archipelago. The main island shares a land border with Irian Jaya, a province of Indonesia. The mainland and larger islands are mountainous and rugged, divided by large fertile upland valleys. Fast-flowing rivers from the highlands descend to the coastal plains. A line of active volcanoes stretches along the north coast of the mainland and continues on the island of New Britain. To the north and south of this central mountain range on the main island lie vast stretches of mangrove swamps and coastal river deltas. Volcanoes and thermal pools are also found in the southeast of other islands. Papua New Guinea offers the greatest variety of terrestrial ecosystems in the South Pacific, including five types of lowland rainforest, 13 types of montane rainforest, five varieties of palm and swamp forest and three different mangrove forests. Two-thirds of the world’s species of orchids come from Papua New Guinea. Birds include 38 species of the bird of paradise, and the megapode and cassowary. Marsupials and mammals include cuscus, tree kangaroos, wallabies, bandicoots, spiny anteaters and, in the coastal waters, the dugong. There are between 170 and 200 species of frog and 450 species of butterfly.
 

Location:

Oceania, group of islands including the eastern half of the island of New Guinea between the Coral Sea and the South Pacific Ocean, east of Indonesia

 

Area:

462,840 sq km (178,704 sq miles).

 

Population:

5.8 million (CIA estimate 2007).
 

 

Languages:

The official language is English, which is widely used in business and government circles. Pidgin English and Hiri Motu are more commonly used (an estimated 742 other languages and dialects are also spoken).
 

 

Economy - overview:

Although Papua New Guinea has been described as ��?a mountain of gold floating on a sea of oil', it is a poor country and most of the population is engaged in subsistence agriculture. However, it boasts the largest-known supply of low-grade copper, which accounts for much of its export earnings. Other deposits include gold, chromite, oil and natural gas. Light industry has grown steadily, mostly to meet consumer demands. Papua New Guinea's attempts to develop a tourist industry have been undermined by poor infrastructure and past political instability. The country is also subject to extreme weather and natural phenomena, including drought, flooding and earthquakes. The government has recently stabilised the economy, which grew 3.7% in 2006, with inflation at 2.9%. In May 2007 a law was passed allowing casinos and online gambling, which is expected to boost the economy. Papua New Guinea belongs to the Asian Development Bank and the South Pacific Commission. It is still dependent on large amounts of aid from Australia.

Economy:

Although Papua New Guinea has been described as ��?a mountain of gold floating on a sea of oil', it is a poor country and most of the population is engaged in subsistence agriculture. However, it boasts the largest-known supply of low-grade copper, which accounts for much of its export earnings. Other deposits include gold, chromite, oil and natural gas. Light industry has grown steadily, mostly to meet consumer demands. Papua New Guinea's attempts to develop a tourist industry have been undermined by poor infrastructure and past political instability. The country is also subject to extreme weather and natural phenomena, including drought, flooding and earthquakes. The government has recently stabilised the economy, which grew 3.7% in 2006, with inflation at 2.9%. In May 2007 a law was passed allowing casinos and online gambling, which is expected to boost the economy. Papua New Guinea belongs to the Asian Development Bank and the South Pacific Commission. It is still dependent on large amounts of aid from Australia.
 

Industries:

copra crushing, palm oil processing, plywood production, wood chip production; mining of gold, silver, and copper; crude oil production; construction, tourism

 

Exchange rates:

Daily Exchange Rates