This article needs to be updated.(September 2013) |
ISO 4217 | |
---|---|
Code | PGK (numeric:598) |
Subunit | 0.01 |
Unit | |
Plural | kina |
Symbol | K |
Denominations | |
Subunit | |
1⁄100 | toea |
Plural | |
toea | toea |
Symbol | |
toea | t |
Banknotes | K2, K5, K10, K20, K50, K100 |
Coins | 5t, 10t, 20t, 50t, K1, K2 |
Demographics | |
Date of introduction | 19 April 1975 |
User(s) | Papua New Guinea |
Issuance | |
Central bank | Bank of Papua New Guinea |
Website | www |
Valuation | |
Inflation | 1.8% |
Source | The World Factbook , 2007 est. |
The Kina (ISO 4217 currency code: PGK, the currency symbol: K) is the currency of Papua New Guinea. It is divided into 100 toea. The name Kina is derived from Kuanua language of the Tolai region, referring to a callable pearl shell used widely for trading in both the Coastal and Highlands areas of the country.
The kina was introduced on 19 April 1975 and circulated along with the Australian dollar until 31 December 1975. The two currencies were equal in value (K1 = A$1). The next day, the dollar ceased to be legal tender in Papua New Guinea.[ citation needed ]
The kina has been a historically stable currency; the economy has never experienced exorbitant rates of monetary inflation.
During its early years, the kina experienced an appreciation relative to the Australian dollar, reaching a value of approximately A$1.30 in 1980. The kina reached a peak relative to the Australian dollar in 1986 (K1 = A$1.54). The kina remained stable until 1995, when the country started experiencing double-digit annual rates of inflation, causing its value to drop gradually. The kina fell below the Australian dollar in 1996. Elevated rates of inflation persisted, and by 2002, the value of the kina fell below A$0.50. For most of the time since then, with the exception of between September 2008 and March 2009, the kina traded below A$0.50. [1]
The average exchange rate of one kina in September 2022 was: K1 = US$0.2840, which means that US$1 = K3.52. [2]
In 1975, coins were introduced for 1, 2, 5, 10 and 20 toea and 1 kina. The 1 and 2 toea were minted in bronze, with the others in cupronickel. The 1 kina is round and holed in the centre, this denomination was reduced in size starting from 2006, and the larger coin was demonetised from 31 December 2008. 2008 also saw the introduction of a bimetallic 2 kina coin intended to replace the 2 kina note. [3]
The withdrawal of the 1 and 2 toea coins also occurred in 2006 and as from 19 April 2007 are also no longer legal tender. The obverse of a 1 toea coin displays a birdwing butterfly, while a 2 toea coin has a lionfish on its obverse. [4] In 1980, 50 toea coins were introduced but only issued in commemorative form without a standard design. In 2021, a 50 toea coin was issued for general circulation, utilizing the birdwing butterfly design previously used on the now withdrawn 1 toea coin. [5]
Denomination | Circulates since | Composition | Shape | Diameter | Edge | Obverse | Reverse | |
---|---|---|---|---|---|---|---|---|
Ring | Center | |||||||
5 Toea | 1975 | Copper-nickel | Round | 19,5 mm | Milled | National emblem | ||
10 Toea | 1975 | Copper-nickel | Round | 23,7 mm | Milled | National emblem | ||
20 Toea | 1975 | Copper-nickel | Round | 28,6 mm | Milled | National emblem | ||
50 Toea | 1980 | Copper-nickel | Heptagonal | 30 mm | Plain | Commemorative | National emblem | |
1 Kina | 1975 | Copper-nickel | Round | 27,5 mm | Milled | National emblem | ||
On 19 April 1975, notes were introduced for 2, 5 and 10 kina that replaced the Australian dollar at par, so the colour scheme was the same. They circulated along with the dollar until 1 January 1976 when the dollar ceased to be legal tender. The 20 kina was introduced in 1977, 50 kina in 1988, followed by 100 kina in 2005. All colouration of the individual denominations are the same as current and former Australian decimal currency. Beginning in 1991, Papua New Guinea's banknotes have been produced on polymer, although in 2009 the bank issued Kina & Toea Day commemorative notes on paper substrates. [6]
A new issue of banknotes has been issued starting with the 50 kina in 1999, [7] then the 100 kina in 2005, 2 [8] [9] and 20 kina in 2007 [10] and the 5 and 10 kina in 2008. [11] [12] This makes all the denominations of the kina issued in polymer. Paper bank notes ceased being accepted by the Bank of PNG from 31 December 2014, and are no longer legal tender. [13]
Banknotes of the Papua New Guinean kina (1981 issue) | ||||
---|---|---|---|---|
Image | Value | Obverse | Reverse | Remarks |
2 kina | Bird of Paradise, spear, carved "hour glass" drum (typical for the Highlands and the yearly Goroka Show) | Artifacts | Full printing on the note except on the watermark area | |
5 kina | Bird of Paradise, spear, carved "hour glass" drum (typical for the Highlands and the yearly Goroka Show) | Mask | Full printing on the note except on the watermark area | |
10 kina | Bird of Paradise, spear, carved "hour glass" drum (typical for the Highlands and the yearly Goroka Show) | Bowl, ring, artifacts | (1st version): Lighter toned colors used for the full printing of the note except for the watermark area | |
10 kina | Bird of Paradise, spear, carved "hour glass" drum (typical for the Highlands and the yearly Goroka Show) | Bowl, ring, artifacts | (2nd version): Darker toned colors used for the full printing of the note except for the watermark area; addition of the registration device on the right side of the note | |
20 kina | Bird of Paradise, spear, carved "hour glass" drum (typical for the Highlands and the yearly Goroka Show) | Boar, conches | Full printing on the note except on the watermark area | |
50 kina | The Parliament building in Port Moresby | Prime Minister Michael Somare (1936–2021) | ||
Banknotes of the Papua New Guinean kina (Current issue) | ||||
---|---|---|---|---|
Image | Value | Obverse | Reverse | Remarks |
2 kina | The Parliament building in Port Moresby | Artifacts | Printed on polymer and the first two numbers of the serial number give the last two numbers of the year of issue | |
5 kina | The Parliament building in Port Moresby | Mask | Printed on polymer and the first two numbers of the serial number give the last two numbers of the year of issue | |
10 kina | The Parliament building in Port Moresby | Bowl, Ring and Artifacts | Printed on polymer and the first two numbers of the serial number give the last two numbers of the year of issue | |
20 kina | The Parliament building in Port Moresby | Boar, conches | Printed on polymer and the first two numbers of the serial number give the last two numbers of the year of issue | |
50 kina | The Parliament building in Port Moresby | Prime Minister Michael Somare | Printed on polymer and the first two numbers of the serial number give the last two numbers of the year of issue | |
100 kina | The Parliament building in Port Moresby | Tanker, airplane, truck, radio tower | Printed on polymer and the first two numbers of the serial number give the last two numbers of the year of issue | |
Current PGK exchange rates | |
---|---|
From Google Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD SGD EUR JPY |
From Yahoo! Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD SGD EUR JPY |
From XE.com: | AUD CAD CHF CNY EUR GBP HKD JPY USD SGD EUR JPY |
From OANDA: | AUD CAD CHF CNY EUR GBP HKD JPY USD SGD EUR JPY |
History:
The Kwacha is the currency of Zambia. It is subdivided into 100 Ngwee.
The Australian dollar is the official currency and legal tender of Australia, including all of its external territories, and three independent sovereign Pacific Island states: Kiribati, Nauru, and Tuvalu. In April 2022, it was the sixth most-traded currency in the foreign exchange market and as of Q4 2023 the seventh most-held reserve currency in global reserves.
The forint is the currency of Hungary. It was formerly divided into 100 fillér, but fillér coins are no longer in circulation. The introduction of the forint on 1 August 1946 was a crucial step in the post-World War II stabilisation of the Hungarian economy, and the currency remained relatively stable until the 1980s. Transition to a market economy in the early 1990s adversely affected the value of the forint; inflation peaked at 35% in 1991. Between 2001 and 2022, inflation was in single digits, and the forint has been declared fully convertible. In May 2022, inflation reached 10.7% amid the Russian invasion of Ukraine and economic uncertainty. As a member of the European Union, the long-term aim of the Hungarian government may be to replace the forint with the euro, although under the current government there is no target date for adopting the euro.
The South African rand, or simply the rand, is the official currency of South Africa. It is subdivided into 100 cents, and a comma separates the rand and cents.
The Bangladeshi taka is the currency of Bangladesh. In Unicode, it is encoded at U+09F3৳BENGALI RUPEE SIGN.
The leone is the currency of Sierra Leone. It is subdivided into 100 cents. As of 1 July 2022, the ISO 4217 code is SLE due to a redenomination of the old leone (SLL) at a rate of SLL 1000 to SLE 1. The leone is abbreviated as Le placed before the amount.
The Colombian peso is the currency of Colombia. Its ISO 4217 code is COP. The official peso symbol is $, with Col$. also being used to distinguish it from other peso- and dollar-denominated currencies.
The pound was the currency of Australia from 1910 until 14 February 1966, when it was replaced by the Australian dollar. Like other £sd currencies, it was subdivided into 20 shillings, each of 12 pence.
The manat is the currency of Turkmenistan. The original manat was introduced on 1 November 1993, replacing the rouble at a rate of 1 manat = Rbls 500. The manat is subdivided into 100 tenge.
The vatu is the currency of Vanuatu. It has no subdivisions.
The sum is the official currency of Uzbekistan. Uzbekistan replaced the ruble with the sum at par in on 16 July 1994. No subdivisions of this sum were initially issued and only banknotes were produced, in denominations of 1, 3, 5, 10, 25, 50, 100, 200, 500, 1,000, 5,000, and 10,000 sum. Further series, however, have introduced coins and a subunit, the tiyin. Because it was meant to be a transitional currency, the design was rather simplistic.
The kyat is the currency of Myanmar (Burma). The typical notation for the kyat is "K" (singular) and "Ks." (plural), placed before the numerals followed by "/-". Amounts less than K. 1/- are typically denoted with the number of pyas following "-/".
The Fijian dollar has been the currency of Fiji since 1969 and was also the currency between 1867 and 1873. It is normally abbreviated with the dollar sign $, or alternatively FJ$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.
The dollar has been the currency of Liberia since 1943. It was also the country's currency between 1847 and 1907. It is normally abbreviated with the sign $, or alternatively L$ or LD$ to distinguish it from other dollar-named currencies. It is divided into 100 cents.
The Solomon Islands dollar is the currency of Solomon Islands since 1977. Its symbol is $, with SI$ used to differentiate it from other currencies also using the dollar sign. It is subdivided into 100 cents.
The zaire was the unit of currency of the Democratic Republic of the Congo and then of the Republic of Zaire from 1967 until 1997. All but six of the 79 series of banknotes issued bear the image of Mobutu Sese Seko. Two distinct currencies existed: zaire, and nouveau zaïre.
The hwan (Korean: 환) was the currency of South Korea between February 15, 1953, and June 9, 1962. It succeeded the first South Korean won and preceded the second South Korean won.
The guilder was the currency of Suriname until 2004, when it was replaced by the Surinamese dollar. It was divided into 100 cents. Until the 1940s, the plural in Dutch was cents, with centen appearing on some early paper money, but after the 1940s the Dutch plural became cent.
The West African CFA franc is the currency used by eight independent states in West Africa which make up the West African Economic and Monetary Union: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. These eight countries had a combined population of 105.7 million people in 2014, and a combined GDP of US$128.6 billion as of 2018.
The pound was the currency of the Australian Territory of New Guinea between 1915 and 1966, and replaced the New Guinean mark when Australia occupied the former German colony at the end of World War I. The New Guinean pound was subdivided into 20 shillings, each of 12 pence, and was equal to the Australian pound.
Preceded by: Australian dollar Reason: independence Ratio: at par | Currency of Papua New Guinea 19 April 1975 – Concurrent with: Australian dollar until 1 January 1976 | Succeeded by: Current |