kina

Kina is the official currency of Papua New Guinea (PNG). Its ISO code is PGK and its commonly used symbol is K. The kina is subdivided into 100 toea. The Bank of Papua New Guinea issues and manages the currency, which circulates with a monetary policy framework that includes a managed exchange rate.

The kina was introduced in 1966, replacing the Australian pound in advance of greater autonomy for the territory. It became the practical currency of Papua New Guinea around the time of independence and has remained the country’s monetary unit since then. The name kina is linked to traditional exchange practices in the region, where shell money and other forms of value were historically used in trade.

Banknotes and coins feature national symbols and portraits that reflect PNG’s cultural and historical heritage. Denominations exist in various notes and coins to support daily transactions, with the design and security features updated periodically to combat counterfeiting and to reflect contemporary design standards.

The kina’s value fluctuates with PNG’s macroeconomic conditions, commodity prices, and global financial trends. The Bank of Papua New Guinea oversees monetary stability, inflation targeting, and financial regulation within the broader framework of the PNG economy, which includes mining, agriculture, and services as major sectors.

In summary, the kina serves as Papua New Guinea’s medium of exchange, a symbol of national identity, and a key component of the country’s economic policy framework.