Dede Sophie

Acting Governor of the Bank of Papua New Guinea Benny Popoitai has warned that developing economies, like Papua New Guinea would be adversely affected with high prices due to lack of social safety net programs and limited financial resources to minimize the impact, as economies are still recovering from the impact of the COVID-19 pandemic. Global inflation increased significantly in the first half of 2022, due to rising fuel and gas prices, and food grains reflecting the impact of the Russia-Ukraine war. PNG Central Bank /File Photo  In the Quarterly Economic Bulletin December Quarter 2021, Mr. Popoitai stated that the higher prices are expected to remain elevated as Russia continues to show no signs of ending the war in the near future. In light of this, the Government has introduced temporary relief measures, including raising the income tax threshold and providing tax exemptions on essential refined fuel products to relieve consumers of higher fuel prices. NBC News / PNG Today Next

One of the major progress that can be traced today is that of cryptocurrencies under which falls the popular Bitcoin. A lot of organizations including financial giants like banks, colleges, social networks , and even the government are now gradually shifting to cryptocurrencies. One of the major reasons for this choice can be the innumerable advantages attached to the cryptocurrencies that do not come along with the traditional currencies and payment methods. The utility of cryptocurrency payments Lucidity: As all the transactions are public, it comes with the privilege of checking on the cryptocurrency transaction using any internet device and has, therefore, made the process very lucid.  Swift transactions: Another important aspect of cryptocurrency payment is the lightning speed of the transactions. They take place immediately after the permission is granted and cost almost nothing. This stands as a primary reason why companies today are ditching stereotypical payment methods and re