BPNG launches new K5, K10 notes
By FRANK ASAELI
THE Bank of Papua New Guinea (PNG) has launched the new K5 and K10 polymer banknotes to mark the 33 years of the kina and toea as the country’s currency.
The new K5 polymer banknote is the last denomination to be converted and completes the series of polymer banknotes.
Both notes will be in circulation starting today.
Finance and Treasury Minister Patrick Pruaitch on the launching of the new K5 and K10 banknotes said the local currency is important because of the special role it plays in facilitating economic activity.
“As the minister responsible for financial matters and treasury affairs of our nation, I also note the significance of this occasion, commemorating the 33 years of our currency -- the kina and toea,” Mr Pruaitch said.
He said: “Maintaining a safe, credible, high quality and durable currency are important features that our central bank plays.”
This is more so in a country like PNG where the bulk of the population still uses cash as their form of payment, the tropical climate impacts on the quality and the wear and tear of frequent public use deteriorates their conditions.
Governor of BPNG Wilson Kamit, who has been with the bank for 35 years now, said this now completes the bank’s programme to have a family of banknotes showing the National Parliament building on the front.
Mr Kamit said over the years, the bank has issued banknotes and coins to mark special and significant events and milestones in the history of the country.
These include events such as the South Pacific Games, Independence anniversaries and the Bank’s anniversaries, he said.
“Our quality of currency has also evolved over the thirty-three years, reflecting technological developments, changes in world-wide trends on secured currency, and the cost-effectiveness of production and handling,” he said.
Mr Kamit said the family of banknotes and coins has changed reflecting the development of the economy, business activity and world wide trends.
Advanced security features are incorporated in the latest series of the banknotes as protection against counterfeiting.
The notes were made and supplied by Noted Printing Australia.
“I therefore commend the Bank of Papua New Guinea for improvements done to each of our banknotes and coins since 1975,” Mr Pruaitch said.
He said he was pleased with the Central Bank’s continued efforts in improving the quality of the currency.
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