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With the continuous decline in kina value, the central bank is taking some measures to address the situation.

One such a measure is the restrictions on offshore bank accounts

The central bank of Papua New Guinea (PNG) has imposed restrictions on opening offshore bank accounts, licensing gold exports, licensing foreign exchange dealers and removing cash in excess of K20, 000.

The bank announced that repatriation payments can be made in foreign currency.

However, the bank states that if the remittance exceeds K200, 000, or cumulative amount of K200, 000 per year by a residence taxpayer, a tax clearance certificate should be obtained from Internal Revenue Commission.

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