Bakani: Security, integrity vital for currency

 BANK of Papua New Guinea Governor Loi Bakani says the security and integrity of the currency is very important for any country.

He said the country has some issues with 

the movement of the local currency at the border.

“Movement of our currency between here and Indonesia, we have signed agreements with the Central Bank in Indonesia to ensure that when our money is traded on the other side of the border they return it at some point in time so there is ongoing flow of our currency at the border,” Bakani said.

Speaking at the launching of new commemorative K20 and K10 banknotes and 50t coin yesterday, Bakani said the new banknotes will be part of the currency and will go into circulation.

“The new notes retain their original elements and security features of the existing banknotes except the length has been slightly reduced as part of a reform process undertaken by Bank of Papua New Guinea,” Bakani said. 

Moreover, he said BPNG would not be reproducing the new banknotes.

Bakani then acknowledged Bank South Pacific for being its partner in the distribution 

of the currency to remote areas of the country.