Papua New Guinean Kina (PGK)

Basic Concepts of the Papua New Guinea Kina

The Papua New Guinea Kina (currency code: PGK) is the legal tender of Papua New Guinea, issued and managed by the Bank of Papua New Guinea. The kina means "pearl" in the local dialect, symbolizing preciousness and value.

Countries of Use

The Papua New Guinea kina circulates only within the country's borders, including the main island of New Guinea and more than 600 surrounding islands. As a sovereign currency, its use is strictly limited by Papua New Guinea law.

Units and Denominations

One kina is equal to 100 toea. Current banknotes are in denominations of 2, 5, 10, 20, 50, and 100 kina, and coins are in denominations of 5, 10, 20, 50 toea, and 1 kina. All currencies bear the flora, fauna and cultural iconography unique to Papua New Guinea.

Historical Background

The Papua New Guinea kina was officially launched on April 19, 1975, replacing the Australian pound as legal tender after independence. Initially pegged to the Australian dollar, the exchange rate was changed to a floating exchange rate system in 1994, marking a deepening of the country's economic autonomy.