Currency Rates for Papua New Guinea Kina
Currency Exchange Rates for Papua New Guinea Kina. Currency Information on PGK for Papua New Guinean. K The foreign exchange currency code for PGK represents the Papua New Guinea Kina exchange rate.
GBP to PGK
The term "Kina" refers to a precious pearl shell that was widely used for buying and selling in the Tolai area of Kuanua.
Kina is the official currency in Papua New Guinea which was first issued on April 19, 1975 replacing the Australian Dollar.
In the year of 1975, coins were introduced in denominations of 1, 2, 5, 10 and 20 toea and 1 Kina. 1 Kina exhibits a spherical shape with a hole in the center, while the 1 and 2 toea were coins minted in bronze.
Starting from the year 2006, this coin denomination was reduced in size and the larger coins were removed from circulation on December 31, 2008.
On April 19, 2007 these coins were no longer recognized as a legal tender.
In 1980, the 50 toea coins were introduced; however, these were intended for commemorative purposes alone and did not exhibit consistent design.
In the year 2008, a new bimetallic coin was introduced which was the 2 Kina coin. This coin was made to replace 2 Kina note.
On April 19, 1975 notes were introduced for 2, 5 and 10 Kina. These replaced the Australian dollar, but the colour scheme used in making the denomination was the same. These Kina banknotes circulated alongside the dollar bills until the dollar ceased to be a legal tender on January 1, 1976.
In 1977, the larger denominations of bills were introduced starting with the 20 kina note.
Later in 1990, a 50 Kina banknote was introduced and in the year 2005, the 100 Kina note was launched.
Issues Kina is facing
Since the Country's central bank has restricted the trading range for the PNG Kina and the US dollars on June 2014, Kina has depreciated by 13%. As a result of this, the Kina's prescribed trading band has been constraining the ability of the currency to insulate the economy from lowering of commodity prices.
This development has affected the financial institutions and exporters as the banks see a continued build up of foreign exchange orders as the business leaders await for at least 1.5 billion Kina to be converted into US dollars, based on the fact that it has a continued shortage of FX supply.
The kina replaced the Australian dollar at par in 1975; one kina is subdivided into 100 toea.
Send Money Transfer to Papua New Guinea. Coins are available in denominations of 5, 10, 20, 50 toea and 1 kina. Banknotes are issued in denominations of 2, 5, 10, 20, 50 and 100 kina. Bank Exchange Rates for Papua New Guinea Kina. The foreign exchange rates for Papua New Guinea also known as the ISO code PGK. Send money transfer online with us with the cheapest options.