Papua New Guinea Kina (PGK)

The Papua New Guinea Kina (PGK) is the official currency of Papua New Guinea. It was introduced as a separate currency from the Australian Dollar when Papua New Guinea gained independence in 1975.

The Papua New Guinea Kina is named after the local term for “shell money,” which was traditionally used as a form of currency by the indigenous people of Papua New Guinea.

The ISO 4217 code for the Papua New Guinea Kina is “PGK,” and its symbol is “K.” The Kina is divided into 100 toea, which serves as the subunit of the currency.

The issuance and regulation of the PGK are managed by the central bank of Papua New Guinea, known as the Bank of Papua New Guinea. The bank is responsible for setting monetary policy, managing the money supply, and ensuring price stability.

The Papua New Guinea Kina is accepted as legal tender in Papua New Guinea and is widely used throughout the country. It is used for local trade as well as international transactions.

The value of the Papua New Guinea Kina can fluctuate based on supply and demand in the foreign exchange markets. Its value is typically determined against major currencies such as the US Dollar and the Australian Dollar.

In conclusion, the Papua New Guinea Kina (PGK) is the official currency of Papua New Guinea. It is named after the traditional shell money used by the indigenous people. The Kina is regulated by the Bank of Papua New Guinea and is accepted as legal tender in the country.