Hon, Prime Minister Mr James Marape
Governor for New Ireland, Hon Walter Schnaubelt
Governor for NCDC, Hon Powes Parkop
Hon Ministers, Members of Parliament
Diplomatic Corp, Distinguished Guests, Ladies and Gentlemen.
Adorai namona, gudpela avinum and good afternoon.
As we begin our nation’s 50th anniversary celebrations, we gather to mark two great milestones: fifty years of Independence and fifty years of our own currency.
We remember with deep respect the late Grand Chief Sir Michael Somare. His vision and leadership guided us to nationhood and his legacy lives on.
I sincerely thank the Somare family for joining us in today’s celebrations.
Fifty years ago, our leaders knew that Independence was about more than politics.
It was about identity.
It was a declaration.
The launch of our own currency sent a powerful message:
“We are One Nation. We control our future. We are One People - with One Destiny”
We were not divided. We stood United.
That unity found expression in the symbols of our young nation - the flag we raised in 1975, our national emblems and our own currency.
Sir Michael understood this truth, as did Sir Julius Chan, our first Minister for Finance, who gave that unity form by introducing a currency that was truly ours.
And I want to also acknowledge the family of late Sir Julius family for joining us in today’s celebrations.
Not borrowed, not imposed, the Kina and the Toea shells were already part of our culture and used as an exchange of value for countless generations.
Then, in 1975, as the units of our new currency - they became the heartbeat of our economy, and of our newly Independent nation.
Of course, there were those who had doubts. Some wanted to keep the Australian Dollar. But our first Governor, Sir Henry ToRobert, stood firm.
With steady and purposeful leadership, he ensured the Kina and the Toea became not only accepted as legal tender - they gained the trust of our people - and became enduring symbols of our unity and of confidence in our new nation.
From that day forward, the Kina and the Toea carried more than economic value. They carried pride, identity, and belief in our sovereignty.
The names themselves came from us. The Kina, a prized pearl shell. The Toea, a smaller shell used in trade. For generations they carried value. In 1975 they became the names of our new currency.
Can you imagine what an enormous upheaval it would have been if the currency had been completely replaced overnight.
Well it wasn’t!
In the lead up to the first Kina & Toea day in 1975, the day on which the new currency was actually entered into circulation, the Bank took the new money to the people.
First came education, dealing with the new currency – descriptions, denominations and specifications:
- Booklets and posters in English, Tok Pisin and Hiri Motu
- An intensive publicity campaign – press and radio
- Official notices published in the government gazette and the press
As a historical aside, the major banks operating in PNG back in 1975 generally evolved from overseas owned banking institutions.
- PNG Banking Corporation, which had evolved from the transfer of the Commonwealth Bank’s PNG network to the new State Bank
- Bank of South Pacific – formed the year before from locally incorporated operations of National Bank’s PNG operations
- Bank of New South Wales, the forbearer of Westpac PNG; and
- ANZ Group- which actually had a branch presence in PNG back in 1910.
This rollcall rings clearly of the development of the PNG financial system.
You could argue this move to locally operated banks is another financial development arising from independence.
Back to the currency. At first people were cautious. Some industry groups, particularly in the agriculture sector, were very keen for Australian dollars to remain.
So that families and markets could adjust with confidence, the kina value was made equal to the dollar and Australian dollars remained in circulation, in parallel with the new currency, until 31 December 1975.
Today, the Kina and Toea is trusted across our nation. Fifty years ago the notes and coins represented the first heart beats of our nation. Today they are the backbone of our nation’s economy.
Today, the Kina and the Toea remain symbols of Independence and as we honour that legacy, we look with confidence to the future.
The 50 Kina note we launch today carries Parliament House and continues to honour the Grand Chief, Sir Michael Somare - with the golden 50th anniversary emblem shining proudly, and the Raggiana Bird-of-Paradise taking flight as we look forward.
The 50 Toea coin retains its iconic shape and crest, now joined by our national flag - a reminder of the strength and resilience of our people.
Next year the Bank will release a new 100 Kina note carrying the image of Sir Julius Chan. It will be a fitting and enduring recognition of a statesman who gave us our currency at Independence, and whose leadership helped shape the foundations of our nation.
But commemorations are not only about looking back - they are just as importantly about looking forward.
The unfinished business of Independence is to ensure every Kina and every Toea earned brings real benefits for our people. Our sovereignty is measured not only by symbols, but by the progress we make as a nation.
Our Prime Minister has given us this task: to set the foundation for an economy that delivers both security and prosperity for every Papua New Guinean.
As we look to the next fifty years, the Bank of Papua New Guinea stands firm in its responsibility.
Our primary objective is to ensure price stability. Our broader responsibility is to uphold financial stability, encourage sustainable growth, and promote the development of our financial system, while safeguarding its integrity.
When you put these objectives together and view them in the context of the nations 50 years of independence, the role of the Bank of PNG includes strengthening our institutions, managing resource revenues wisely, and operating with transparency.
By doing so, we honour the vision of our nation’s founders and we commit to building an economy that creates opportunity for all.
Distinguished guests, from this day forward, may every Kina and every Toea carry not only our pride, but also our promise
- a promise of unity,
-a promise of opportunity, and
-a promise of a brighter future for Papua New Guinea.
Thank you.