Currency of Papua New Guinea

The currency of Papua New Guinea is called Kina. The code of kina is PKG and its ISO is 4217. In 1975 in the month of April, Kina was introduced by the government. Before the introduction of Kina in Papua New Guinea the local currency was Australian dollar. Kina was made the national currency of the country because of the use of pearl shell in this country for exchange of goods. This method was especially in vogue in the highlands area of the country, which is situated in Kuana of the Tolai region. Thus kina was derived from Kuana and the currency of country was named after the region.

Kina is divided into 100 parts that are called toea. Later on coins were also introduced for the division of kina. In the same year bank notes were also prepared for the payment of kina. 2, 5, 10, 20 and 100 notes are available for kina where as coins of 5, 10, 20 and 50 toea and 1 kina. However with the passage of time, the use of coins in terms of Toea is reducing and bank notes are replacing them very rapidly thus making the toea coins less valuable in the economy of the country.

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