PNG currency
p. 75 · Read in the full issue
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Papua New Guinea will issue its own currency next April, discarding Australian currency completely eight months later.
During the eight-month dual cur rency period the two money systems will be pegged to each other with complete freedom of exchange con version and exchange control. But after December 31 this year—the date on which Australian currency will be dropped—the two currencies will go their own ways with the possibility of an immediate dif ference in the exchange rate.
“We will be seeking expert con sultative advice on the maintenance of our international reserves and the valuation of our currency,” the Finance Minister, Mr Julius Chan, said.
Mr Chan tabled a statement in the House of Assembly setting out arrangements for the introduction of the PNG kina, initially on par with the Australian dollar, and the toea, initially on par with the Australian cent.
The Franklin Mint in Philadelphia, USA, would produce proof sets of the coins for sale to collectors throughout the world.
There will be six coins—one, two, five, 10 and 20-toea, and one-kina.
The kina, the equivalent of an Aus tralian dollar, will be a large coin with a central hole. The smaller coins will be similar to Australian currency.
The notes will be two, five and 10-kina. Toea is a Motu word and kina a Tolai and Pidgin word. They are the names of traditional shell money in parts of PNG.