Papua new guinean kina

The Papua New Guinean kina (PGK) is the official currency of Papua New Guinea. Here are some key facts about the kina:

Currency symbol: K ISO code: PGK Subunit: Toea (1 kina = 100 toea)

History: The kina was introduced in 1975, replacing the Australian pound, which was the official currency of Papua New Guinea at the time of independence. The kina is named after the kina shell, which was a common medium of exchange in Papua New Guinea before the introduction of modern currency.

Coins: Coins are issued in denominations of 1, 2, 5, 10, 20, and 50 toea, as well as 1 kina. Banknotes are issued in denominations of 2, 5, 10, 20, 50, and 100 kina.

Circulation: The kina is widely accepted in Papua New Guinea, and it is also accepted in some neighboring countries, such as Solomon Islands and Vanuatu.

Exchange rates: The exchange rate of the kina can fluctuate against other major currencies, such as the US dollar, Australian dollar, and Japanese yen. As of March 2023, the exchange rate is approximately:

Economic significance: The kina is an important part of Papua New Guinea's economy, and it is used to facilitate trade and commerce within the country. The kina is also a symbol of national identity and pride for Papua New Guineans.

Challenges: The kina faces some challenges, including inflation, currency volatility, and a lack of financial inclusion in some parts of the country. The Papua New Guinea government has implemented various measures to stabilize the currency and promote financial inclusion, including the introduction of digital payment systems and the development of a national payment switch.