CENTRAL Bank last Thursday evening opened its Currency Distribution Centre located at the new Bank of South Pacific in Kokopo, East New Britain province.
The centre was launched by the Governor of Central Bank Wilson Kamit and there were also traditional rituals performed to mark the event.
Mr Kamit and his two deputies, Benny Popoitai (deputy governor for operations and management) and Loi Bakani (deputy governor for policing and regulations) were initiated into the Tolai society.
Mr Kamit said it had taken the bank 13 years to rebuild the currency centre in Kokopo after the one located in Rabaul was destroyed by the volcanic eruption in 1994.
He said currency distribution was one of the important functions of the bank and because the bank did not have branches outside of Port Moresby, it distributed currencies through the regional Currency Distribution Centres (CDC) under an agreement with the Bank of South Pacific.
He said the centre would now ensure that new and crisp banknotes as well as new coins could now be distributed directly to all the commercial banks operating in the New Guinea Islands region.
Mr Kamit said to address the Clean Note Policy he had appealed to the public and business houses to assist the bank by returning old and torn banknotes to any commercial banks in exchange for new notes.
“The kina and toea is our national currency and we all must strive to handle them with care and maintain their quality and usefulness.”

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