PNG issues new polymer bank note

PAPUA New Guinea last month issued a new look 50 Kina bank note, which became legal tender from Monday 28 June.

The new polymer - or plastic - K5O note and the old K5O paper note will be allowed to circulate concurrently for six months before the outdated paper note is withdrawn from circulation.

Bank of Papua New Guinea Gover nor, Mr. Morea Vele, said the main security features of the new note included: - The note was made from polymer substrate; - A see-through window with a print ed Bank of PNG logo, 50 PNG micro lettering and an embossed 50; - A shadow image of the Bank of PNG logo, which is visible when held to the light; and - Raised printing of designs on the front and back of the note.

PNG made history in 1991 by becoming the first country outside Aus

tralia to issue a 2 Kina polymer bank note, to commemorate that year’s South Pacific Games.

“The K 2 note is our high circulation bank note and in the polymer substrate, its lifespan has increased to two years compared to a four to six month lifes pan of the K 2 paper note,” Mr. Vele said.

“The notes circulate much longer because of the physical strengths and properties of the polymer substrate.”

“Our experience shows that the fre quency of our stock replenishments and related costs of printing K 2 notes have been markedly reduced,” he said.

Mr. Vele said the plastic notes were advantageous in countries like PNG, where the climate includes high humid ity and high average rainfall.

Polymer notes would also reduce the incidence of counterfeiting legal tender, Mr. Vele said, adding that it was becom ing a problem with paper notes.

He said many people would have

seen a counterfeit K5O paper note, while a number of advertisements have been placed in newspapers by the BPNG explaining the difference between genuine bank notes and coun terfeit notes.

With the introduction of digital

printing and technology, counterfeiters

could reproduce paper bank notes more easily and quickly, forcing the BPNG to consider more secure alternatives.

Opposition leader Bernard Narokobi welcomed the new note, saying the ini tiative would help curtail the circula tion of counterfeit bank notes in the country.

“At this juncture of the currency cri sis in the country, the new K5O bank note issue is a sign of confidence by the central bank in its efforts towards returning normalcy within the currency market,” Mr. Narokobi said.

The new 50 Kina note was produced jointly by Bank of Papua New Guinea, and Note Printing Australia. ■