Central Bank withdrawing paper notes

National, Normal
Source:

The National, Friday 23rd November, 2012

THE Bank of Papua New Guinea is withdrawing  all paper banknotes in line with the Central Banking Act.
Bank Governor Loi Bakani said the withdrawal started this month and will end on June 30 next year.
The paper banknotes withdrawn included K2, K5, K10, K20, K50 and K100 and the K2 coin in circulation.
“These bank paper notes and the K2 coin will cease as legal tender in PNG as of June 30 next year,” Bakani said in a statement.
He said the paper banknotes had been phased out and replaced with a polymer, or plastic coating.
“The polymer banknotes and coins that include 5 toea, 10 toea, 20 toea, 50 toea and K1 remain as legal tender and are not
affected by this.
“The public is advised to return all paper banknotes and the K2 coin to any commercial bank branch or directly to the BPNG before June 30 next year for payment on face value,” he said.
Queries in regards to this should be directed to the currency department manager, David Lakatani, on 322 7343 or email: [email protected].