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Papua New Guinea is not exactly known for being a major Forex trading hub. As a matter of fact, the government of the small Oceanic country has not made any attempts at reforming its regulatory structure in order to integrate Forex trading within it. At it stands today – online Forex trading remains a foreign concept for the legislation of the country.
The regulatory framework of the country is quite rudimentary and The Bank of Papua New Guinea or BPNG oversees the Banking, Savings & Loan Societies, Superannuation Funds and related Industry, including Life Insurance. The banking sector in the country remains frightfully underdeveloped. As was stated above – the Bank of Papua New Guinea does not issue licenses to Forex brokerages.
The central bank supports a website with an English language option. There are no legitimate brokerages, registered in Papua New Guinea , however, many well-known regulated in Europe brokers target quite successfully traders from Papua New Guinea and the government does not trouble itself by harassing such citizens.
An important thing to note is that they should support an English language option, since it is the official language of the country. Brokerages also have to provide withdrawals and deposits via the national currency – Papua New Guinean kina(PGK). The standard Visa and MasterCard are the most popular payment methods.