Papua New Guinea is one of the countries in the Western Pacific Ocean that includes the eastern half of the island of New Guinea as well as several neighboring islands. Papua New Guinea is situated between the Coral Sea and the South Pacific Ocean, east of Indonesia and north of Australia. The national currency of Papua New Guinea is called Kina.
The Kina(ISO 4217 currency code:PGK,the currency symbol:K) is the currency of the Independent State of Papua New Guinea.It is divided into (100) toea.The word Kina is derived from the word Kuanua language of the Tolai region of East New Britain province, referring to a callable pearl shell used for trading in both the Coastal and the Highlands areas of the country.
As the modern civilization occurred, Kina was introduced on 19 April 1975 by the Central Bank of Papua New Guinea several months earlier before the country gained independence on 16 September 1975 to its colonizer Australia. Few bank notes were released as a modern money such as 2, 5 and 10 kina which circulated along Australian dollar until 1 January 1976 the dollar was ceased.
Today the PNG Kina has a floating currency exchange rate which is most likely affected by market forces such as supply and demand.Meanwhile others parts of the country still practises using traditional money as part of commemoration.
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