2002, and even more so in 2003, was a clear vote of confidence in the actions and the instruments the central bank employed to maintain price stability. the bank succeeded in managing a relatively smooth moderate decline in the exchange rate until october 2002. the turnaround in macroeconomic management was the introduction of a supplementary budget by the somare government in september 2002, which successfully reduced the budget deficit to sustainable levels. the 2003 budget was a further step in fiscal responsibility by reducing the budget deficit to below 2. 0 percent of gdp. in early 2003, the public realized that the government is willing to take the hard decisions to maintain a highly responsible fiscal stance, complemented by major increases in the prices of papua new guinea ’ s internationally traded commodities, the path to stable prices, low inflation and interest rates was set. based on the highly responsible fiscal stance of the government, a steady appreciation of the kina and the increase in the foreign exchange reserves ensured in late 2003 and early 2004. then i asked the bank of png staff and advisors to prepare for the liberalization of foreign exchange controls. the bank of png considers that the main preconditions for liberalization of the controls were sufficiently achieved, mainly the stable macroeconomic environment shown by : low inflation levels to those similar to the industrial nations, reduction in the budget deficit to sustainable levels, significantly high level of foreign exchange reserves, sustainable current account deficit, a stable and competitive exchange rate regime and flexible use of indirect instruments for monetary policy. in addition, the financial sector has the capacity to ensure bank soundness and prudent management of interest rate risk. after the passing of the 2005 budget, which maintains the continued responsible fiscal stance of the previous three budgets, there is nothing preventing the bank of png from finalizing the exchange control liberalization that was started in 1994, by floating of the kina. i ’ m pleased to announce today that effective from january 2005, for all practical purposes, many of the requirements for foreign exchange control approvals will be replaced with exemptions and reporting obligations by authorized dealers will be tightened. to be more precise, let me give you some details : 1. all remaining trade and services transactions ( such as limits on remittances ) or what we define as current account transactions will be liberalized ; 2. there will be no timing, such as 3 months retention period, for the repatriation of export proceeds. we will closely monitor the inflows reported by the authorized dealers reports

benny b m popoitai : commitment to total quality assurance address by mr benny b m popoitai, deputy governor of the bank of papua new guinea, at the divine word university 2013 open day, port moresby, 5 may 2013. * * * fr. jan czuba, president of the divine word university ( dwu ), dwu community ( administration, staff and students ), dwu development partners, invited guests, ladies and gentlemen. good evening to you all. it is indeed an honour to be invited to make the key note speech at your 2013 open day celebration and activities. the theme of your 2013 open day is " commitment to total quality assurance ". i note that this theme is consistent with dwu's mission and core values that strives for academic excellence and quality academic programs. it is a theme that is not only appropriate but very relevant given the stage we are in with our nation's development and the many challenges we face in nation - building. equipping our young people not only with the required academic qualifications but the necessary and important societal values of living and working together harmoniously before they enter the workforce and mainstream society is very important. i therefore at the outset must thank the dwu for its commitment, drive and vigour in striving for total quality assurance in preparing the next generation of workers and leaders of our country. if you google total quality assurance or tqa, you will get about 29. 2 million entries or results on the internet. the results throw up other related terminologies like total quality management ( tqm ) and total quality control ( tqc ). why so many results? it is because tqa, tqm and tqc are not only hot topics in management and performance benchmarking but also vital in driving excellence and ensuring competitiveness in the fiercely competitive workplace we face today, whatever the industry or service you may refer to. tqa in short, as many of you would be aware, relates to ensuring a product or output meets required or expected standards in a suitable delivery time. education, as we all know, is at the heart of every nation's strives to develop. providing access, opportunities and quality education is therefore very important for the prospects of our young nation. our educational institutions should not only aim at turning out quantities of students but more importantly, a high quality of graduates. this is where dwu fits in well with the engagement of the australian universities quality agency in 2011