Papua New Guinea short of coins

Major supermarkets in Papua New Guinea are facing coin shortage due to a coin black market, Australian Broadcasting Corporation radio reported on Wednesday.

Bank South Pacific Managing Director Garth Mcillwain was quoted as saying that "a new industry of black market coin trading has developed in the last couple of years which has soaked up most of the coin."

Therefore, banks have imposed strict rules for people wanting to open new accounts, forcing many to keep money in their homes, said the report.

He said the Central Bank has also underestimated the coin requirement for the local economy. And coins will run short until October.

Source: Xinhua