The kina (ISO 4217 currency code: PGK, the currency symbol: K) is the currency of Papua New Guinea. It is divided into 100 toea. The kina was introduced on 19 April 1975, and circulated along with the Australian dollar until 1 January 1976, when the dollar ceased to be legal tender. The name kina is derived from Kuanua language of the Tolai region, referring to a callable pearl shell used widely for trading in both the Coastal and Highlands areas of the country.
Papua New Guinea is looking to the international bond markets to help bridge revenue shortfalls, announcing the launch of its first eurobond in tandem with wider moves to open up the stock exchange to foreign investors.
Since the establishment of the Nazarene Hospital’s hydroelectric project in Kudjip, Jiwaka Province, the hospital has saved thousands of kina in power bills, improved the safety of its patients and equipment and maintained a regular power supply.
The success of Papua New Guinea’s first US$500 million bond issue will depend on the government’s spending focus, according to Paul Barker, Director of PNG’s economics research think tank, the Institute of National Affairs. He tells Business Advantage PNG that the private sector has to get access to foreign exchange because of extended delays.