ANZ Papua New Guinea understands that individuals or business entities who engage in overseas transactions need to know with certainty the exchange rate that will apply to a transaction weeks or months in the future.
Forward exchange contracts allow you to lock in an exchange rate and therefore your price on international trade transactions.
Note: The Bank of Papua New Guinea has various restrictions on the use of the Forward Exchange Market.
Features at a glance
- Available in most major currencies traded in Papua New Guinea, i.e. USD, AUD, NZD, JPY, GBP, DEM, EUR and other currencies upon “application” to ANZ Treasury
- May be entered into a “fixed” term basis specifies a definite future date on which delivery is to be effected (i.e. the due date of the contract)
- May be entered into an “option” term basis contract that provides for delivery to be made at a certain date, but also contains a further clause indicating a period of the contract (normally either one month/half month before due date) during which delivery/deliveries may be made at the customer’s option on the same basis as if the delivery was made on the due date.
Note: The remittance of funds overseas, associated with the ANZ’s sale of foreign currency and the contract’s associated delivery, is regulated by Papua New Guinea Exchange Control guidelines provided by the Central Bank (BPNG) to the Commercial Banks/Authorised Dealers.
- Provides a FX management tool for importers, exporters, business entities and individuals either receiving or transferring funds overseas
- Contracts can be arranged to either buy or sell a foreign currency against your domestic currency, or against another foreign currency
- Offered in all major currencies
- Accessible for any purpose such as trade, investment or other current intentions.
Terms and conditions
- Contracts entered into must be completed by the business or individual.
Fees and charges
- K20.00 New contracts
- K20.00 Extensions
- K100.00 Cancellation
- Delivery under a forward contract entered into by a customer with another bank K20.00 plus tele-transmission costs.
Find out more now
Talk to us about foreign exchange today by:
- visiting your local ANZ branch
+675 322 3232to speak to an ANZ specialist
- sending us an online enquiry.
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