Papua New Guinean Kina flag

Papua New Guinean Kina

Kina

Currency Code

PGK

ISO 598

Symbol

PGK

Native: K

Decimal Digits

2

Rounding: 0

Countries

PG

Using this currency

Currency Units

Major Unit

Name: kina

Symbol: K

Minor Unit

Name: toea

Symbol:

Value: 0.01

Banknotes

Frequently Used

K2K5K10K20K50K100

Coins

Frequently Used

5 toea10 toea20 toea50 toeaK1K2

Plural Forms

English Plural

Papua New Guinean kina

Native Plural

Kina

Overview

The Papua New Guinean Kina is the currency of Papua New Guinea, managed by the Bank of Papua New Guinea. It has been relatively stable and serves the country's resource-rich but developing economy with significant mining and agricultural sectors.

Economy

  • Papua New Guinea is a member of Pacific Islands Forum, APEC, Melanesian Spearhead Group, Commonwealth, ACP.
  • Main industries include: Copra crushing, Palm oil processing, Plywood production, Wood chip production, Mining, Crude oil and petroleum products, Construction, Tourism.
  • Papua New Guinea is part of the World Trade Organization.
  • Imports are machinery, transport equipment, manufactured goods, food, fuels, chemicals.
  • Major exports include oil, gold, copper ore, logs, palm oil, coffee, cocoa, crayfish, prawns.
  • GDP: $26.5 billion (2023 est.).
  • GDP per capita: $2,829 (2023 est.).
  • Unemployment rate: 2.5% (2017 est.).
  • Inflation rate: 4.5% (2023 est.).
  • Main trading partners: Australia, China, Japan, Malaysia, Philippines, Singapore.
  • Trade agreements: MSG Trade Agreement, Pacific Island Countries Trade Agreement.

History

  • Previous currencies used: Australian pound, Australian dollar.
  • The kina was introduced in 1975, coinciding with Papua New Guinea's independence. The name comes from the Kuanua word for a pearl shell traditionally used as currency.
  • 1975: PGK introduced at independence
  • 1994: Bougainville conflict impact
  • 2002: Exchange rate liberalization
  • 2012: LNG project development
  • 2020: COVID-19 and commodity price impacts
  • Exchange rate peg: AUD basket (1975-1994).
  • Exchange rate peg: Free floating (1994-present).

General Information

  • ISO 4217 Code: PGK
  • Symbols: PGK/K
  • Currency Subunits: 100 toea
  • Central Bank: Bank of Papua New Guinea
  • Monetary Policy: Price stability focus with managed floating exchange rate. Supporting economic development while maintaining monetary stability.
  • Bills: 2 kina, 5 kina, 10 kina, 20 kina, 50 kina, 100 kina
  • Coins: 5 toea, 10 toea, 20 toea, 50 toea, 1 kina, 2 kina
  • USD Exchange Rate: Variable (approximately 3.7 PGK per USD)
  • Pegged To: None (Floating)
  • Capital: Port Moresby
  • Population: 9,593,498 (2023 est.)
  • Area: 462,840 km²
  • Languages: Tok Pisin (official), English (official), Hiri Motu (official), Some 839 indigenous languages
  • Time Zones: UTC+10 (Papua New Guinea Time)
  • Government Type: Parliamentary democracy under constitutional monarchy
  • Head of Government: Prime Minister (head of government), Governor-General (representing British Crown)
  • Independence: September 16, 1975 (from Australia)
  • Ethnic Groups: Melanesian 85.3%, Papuan 3.1%, Negrito 1.1%, Other 10.5%
  • Religions: Protestant 64.3%, Roman Catholic 26%, Other Christian 5.3%, Non-Christian 1.4%, Unspecified 3.1%
  • Literacy Rate: 64.2% (2015 est.)
  • Transport: Jacksons International Airport, limited road network, air transport crucial, coastal shipping
  • Communications: Limited telecommunications, 11% internet penetration, mobile network expansion
  • Energy: Hydroelectric 65%, Natural gas 20%, Oil 10%, Other 5%
  • Countries Using This Currency: Papua New Guinea
  • Data Sources: Central Bank: Bank of Papua New Guinea (bankpng.gov.pg), Economic Data: Papua New Guinea National Statistical Office, World Bank, IMF, Trade Data: PNG Customs Service, Demographic Data: Papua New Guinea National Statistical Office, Geographic Data: National Weather Service, Historical Data: Bank of Papua New Guinea archives
  • Last Updated: 2025