Tender for Games
The National, Friday May 22nd, 2015
A REPRINT of special K10, K20 banknotes and 50t coin commemorating the XV Pacific Games and 40th anniversary of Independence will be in circulation this month.
Treasurer Patrick Pruaitch said the new notes and coin will circulate side by side with the current family of banknotes and coins.
“Introducing a new banknote isn’t just for change; every Central Bank upgrades their banknotes periodically to benefit from advances in banknote technology and to maintain their confidence and integrity.
“The new banknotes include a new security feature called the optical variable image to ensure it is resilient against counterfeiting.
Speaking at the launching of the banknotes and coin in Port Moresby yesterday, Pruaitch said at present a total of
K67.1 million banknotes were in circulation.
He said these banknotes were in various denominations and reached a total value of K1.64 billion for the first time this month.