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Shell money exchange bank set up in
ENB
By ELIZABETH VUVU
A SHELL money exchange
bank has been established in East New Britain and will operate
under the traditional barter system.
The exchange is located at Vunavutung, at the residence of
Gazelle open candidate Henry Kubak.
Mr Kubak said the exchange was registered in June 2006 and
recently he was awarded a certificate from Investment Promotion
Authority (IPA) to operate the business.
He said that his vision for this bank was based on his
experience and the experience of his people who found it hard to
meet their traditional obligations as it was difficult to have
access to shell money.
The shell money is used widely in the Tolai society.
Mr Kubak said research carried out in 1992 showed that there was
approximately 15 million fathoms of shell money in storage in
the Gazelle Peninsula.
His shell money exchange frees up this money in storage to be
available for traditional obligations.
Mr Kubak stressed that the shell money exchange was also
contributing to ensuring the survival of the people’s
traditional cultures relating to births, deaths and marriages.
He invited any person in need of shell money for use in bride
price payment or in meeting traditional death ceremony
obligations.
“They can come to the bank to buy shell money either using kina
and toea or his own shell money from his area,” Mr Kubak said.
 
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