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Problems in Promoting Efficient Banking Services in a Developing Country – the Case of Papua New Guinea

The financial system of Papua New Guinea (PNG) has many similarities with that of its former colonial master, Australia. At the same time, however, the structure and performance of the financial system reflects PNG’s status as a developing nation in the Pacific. The paper outlines some of the history and current performance issues facing the PNG banking sector, many of which reflect the comparatively small size of the economy. The banking system shows as being very profitable, but there are concerns as to whether it is providing the support for economic development that might be expected of it. The paper also identifies issues arising from the partial foreign ownership of the banking system, and identifies an agenda for further research.