The views expressed by the major stakeholders and business community, including the Minister for Finance and Treasury during the post-announcement discussions is that whilst they welcomed this major reform, a cautious approach to stagger the liberalisation process should be followed. Those were the reasons for the delay in implementing the proposed reform.
It is my pleasure however to announce at this forum that the first aspect of this reform in the remaining controls on current and capital account transactions will be effective on 01st June 2005, except for the following controls:  2  BIS Review 32/2005  •  Approval involving private capital account contracts between residents and non-residents;  •  Approval to open and operate foreign currency accounts outside Papua New Guinea; and  •  Licensing of authorised dealers and gold exporters.