Currency Rate
Papua New Guinea Kina to USD
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Buying rate
PGK 0.214981
Selling rate
PGK0.295268
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The Papua New Guinean kina (symbol: K; code: PGK) is the official currency.
Currency Details
- Country code PG
- Symbol PGK
- ISO Code PGK
- Subunits 1 Kina = 100 Toea
Coins
- 5 toea
- 10 toea
- 20 toea
- 50 toea
- 1 kina
- 2 kina
Banknotes
- 2 kina
- 5 kina
- 10 kina
- 20 kina
- 50 kina
- 100 kina
The Papua New Guinean Kina, commonly abbreviated as PGK, is the official currency of Papua New Guinea (PNG). Known simply as the "kina," it is symbolized as "K" and is subdivided into 100 toea. Introduced in 1975, the kina replaced the Australian dollar following PNG's independence, establishing a distinct national currency.
History and Background
The kina was introduced on April 19, 1975, just months before Papua New Guinea gained independence from Australia on September 16, 1975. The currency's name, "kina," is derived from a traditional shell currency once used in highland trade, while "toea" comes from a Motuan word for a type of traditional armband. The adoption of the kina marked a key step in PNG's economic sovereignty.
The kina was introduced on April 19, 1975, just months before Papua New Guinea gained independence from Australia on September 16, 1975. The currency's name, "kina," is derived from a traditional shell currency once used in highland trade, while "toea" comes from a Motuan word for a type of traditional armband. The adoption of the kina marked a key step in PNG's economic sovereignty.
Economic Significance
The kina plays a vital role in PNG’s economy, which is heavily reliant on mining, agriculture, and natural gas exports. The currency's value is influenced by global commodity prices, particularly gold, copper, and liquefied natural gas (LNG). While the kina is not pegged to any foreign currency, its exchange rate is managed by the Bank of Papua New Guinea to maintain economic stability.
The kina plays a vital role in PNG’s economy, which is heavily reliant on mining, agriculture, and natural gas exports. The currency's value is influenced by global commodity prices, particularly gold, copper, and liquefied natural gas (LNG). While the kina is not pegged to any foreign currency, its exchange rate is managed by the Bank of Papua New Guinea to maintain economic stability.
Usage and Exchange
The kina is the sole legal tender in PNG and is used for all domestic transactions. However, due to the country’s diverse geography and cash-based economy, access to banking services can be limited in rural areas. Foreign exchange is available at banks, airports, and authorized exchange bureaus, primarily in major cities like Port Moresby, Lae, and Mount Hagen. Credit card usage is growing but remains limited outside urban centers.
Conclusion
The Papua New Guinean kina is more than just money—it represents the nation’s cultural heritage and economic independence. For travelers and businesses, understanding the kina is essential for navigating PNG’s unique financial landscape. Whether exploring its bustling markets or engaging in its resource-driven economy, the kina remains a key part of daily life in this diverse and vibrant country.
The kina is the sole legal tender in PNG and is used for all domestic transactions. However, due to the country’s diverse geography and cash-based economy, access to banking services can be limited in rural areas. Foreign exchange is available at banks, airports, and authorized exchange bureaus, primarily in major cities like Port Moresby, Lae, and Mount Hagen. Credit card usage is growing but remains limited outside urban centers.
Conclusion
The Papua New Guinean kina is more than just money—it represents the nation’s cultural heritage and economic independence. For travelers and businesses, understanding the kina is essential for navigating PNG’s unique financial landscape. Whether exploring its bustling markets or engaging in its resource-driven economy, the kina remains a key part of daily life in this diverse and vibrant country.