The mining and petroleum industries are attracting many investors from all over the world. There are new substantive entrants such as the State owned Chinese Mining Company at Ramu Nickel, Barrick that took over the Porgera gold mine from Placer, and many companies investing large sums in exploration and others that have submitted exploration applications.
But even while we were cutting our rate, we could see that the financial system was running short on liquidity, and credit wasn’t flowing properly. So the Bank deployed some other tools from our tool kit. Funding liquidity: credit for banks, people and businesses We started by addressing the immediate funding liquidity issues gripping our financial institutions.