Treasurer Ian Ling-Stuckey has announced that the Kina is not depreciating or losing its value, to put to rest the doubts in Papua New Guinea’s currency in the world market. The Treasurer when presenting the 2023 Mid- year Economic and Fiscal Outlook (MYEFO) update, said the facts presented in the MYEFO clearly indicated that the Kina is in fact appreciating. “Over the first 6 months of 2023, compared to the same period last year, the Kina has appreciated against the Australian Dollar by 4%, the Kina has also appreciated against the Japanese Yan by 9.3%, the Kina has also appreciated against the Chinese Yuan,” said the Treasurer. “Why do people only talk about the 09% or less than 1% depreciation against the US Dollar?” He said overall, what is called the Trade Weighted Index, the Kina has been appreciated which is actually putting downward pressure on inflation as well. “Let’s base public policy discussions on the facts, not obsessive, disrespectful and personalized allegations.” The Treasurer also made mention his meeting with the Acting Governor for the Bank of Papua New Guinea (BPNG) where he was pleased with her view to not immediately devalue the Kina by 15% to 20%. “Her view and that of the board is that it would be too disruptive for our economy." "Instead, PNG will take a measured, steady path back to Kina convertibility.” Meanwhile, the Treasurer also said the MYEFO indicated that inflation is falling faster than expected, meaning that the country should experience decreases in the price of goods and services. “The inflation rate of 2023 has been revised down from 5.7% down to 5.5%." "It is expected to be below 5% in 2024, well below PNG’s historic average of some 7%."