Financial Innovations and consumer protection: New technologies have expanded the possibilities of financial services and products some of which have brought tremendous benefits to consumers, and resulted in measurable improvements in financial and greater access to the mainstream banking system. However, along with the rapid growth of these financial services is the emergence of complex financial products requiring enhanced consumer protection measures.
This projected outcome is mainly associated with the inflows for the PNG LNG project and other private sector foreign direct investments. The current account is projected to record a deficit in 2012, attributed mainly to increased imports and higher net services and income payments related to the PNG LNG project (see Chart 2).