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Mr. Douglas A. Scott and Mr. Christopher Browne

Papua New Guinea, the initial purchasers normally held these until maturity; secondary and interbank markets generally have not developed. Secondary markets in longer-term government and public enterprise instruments remain undeveloped. Conduct of Monetary Policy Monetary targeting has been considered to be of limited usefulness in the island economies. Liquidity growth has been difficult to gauge accurately because of unpredictable export earnings and other large external shocks. Attempts to influence monetary growth were pursued most actively in Papua New