Central bank will withdraw all paper banknotes in circulation

 ALL paper banknotes in circulation in the country will be withdrawn by the Bank of PNG by June 2013, after which they will not be accepted as legal tender.

The bank has been announcing to the public that paper banknotes denominations K2, K5, K10, K20, K50 and K100 as well as the K2 coin will be removed from circulation.

In their place will be the polymer or plastic notes in the same denominations. Polymer notes in circulation will continue.

Governor Loi Bakani said in a public statement carried yesterday that the public can keep any of the notes as memorabilia but warned that they would be worthless after the deadline passes.

“The public is advised to return all paper banknotes and the K2 coins to any of the commercial bank branches or directly to the Bank of PNG before June 30th 2013 for payment on face value,” Bakani said,

“The Bank of PNG will not accept any of the paper banknotes and K2 coin after June 30, 2013. 

“Members of the public who wish to keep the demonetised currencies for memorabilia purposes may do so but the Bank will bear no responsibilities on its intent.”