Beside the initiatives mentioned above, the Bank is looking at the regulatory environment for mobile phone banking and has carried out a review of the national payments system with a view to reform the current payments system, with enabling legislation, to improve efficiency with respect to timely clearing of transactions, reduction in costs and risks, within PNG and with the rest of the world.
a growing economic interdependence of countries became discernible through the increasing volume and variety of cross-border transactions and through the rapid and widespread diffusion off technology. New technological advances reduced transportation, telecommunication and computation costs, thus greatly increasing the ease with which national markets may be integrated at the global level. The liberalisation and globalisation resulted in a growing interdependence of national financial markets.