Speech by Minister for Finance and Treasury on Launch of New K5 and K10 BankNotes

Speech by the Minister for Finance and Treasury, Honourable PATRICK PRUAITCH, MP on the Launching of the New K5 and K10 BankNotes

• GOVERNOR OF THE BANK OF PAPUA NEW GUINEA, MR. L. WILSON KAMIT,
• FELLOW MINISTERS AND MEMBERS OF PARLIAMENT
• MEMBERS AND REPRESENTATIVES OF DIPLOMATIC MISSIONS
• DEPUTY GOVERNORS MR POPOITAI & MR BAKANI, MEMBERS OF THE BOARD OF OUR CENTRAL BANK
• DISTINGUISHED GUESTS
• LADIES AND GENTLEMEN

THANK YOU FOR THE INVITATION EXTENDED TO ME TO OFFICIATE ON THIS IMPORTANT AND HISTORIC OCCASION IN LAUNCHING OUR NEW SERIES FIVE AND TEN KINA BANKNOTES. AS THE MINISTER RESPONSIBLE FOR FINANCIAL MATTERS AND TREASURY AFFAIRS OF OUR NATION, I ALSO NOTE THE SIGNIFICANCE OF THIS OCCASION, COMMEMORATING THE THIRTY-THREE YEARS OF OUR CURRENCY, THE KINA AND TOEA.
THANK YOU FOR THE INVITATION EXTENDED TO ME TO OFFICIATE ON THIS IMPORTANT AND HISTORIC OCCASION IN LAUNCHING OUR NEW SERIES FIVE AND TEN KINA BANKNOTES. AS THE MINISTER RESPONSIBLE FOR FINANCIAL MATTERS AND TREASURY AFFAIRS OF OUR NATION, I ALSO NOTE THE SIGNIFICANCE OF THIS OCCASION, COMMEMORATING THE THIRTY-THREE YEARS OF OUR CURRENCY, THE KINA AND TOEA

OUR CURRENCY IS IMPORTANT BECAUSE OF THE SPECIAL ROLE IT PLAYS IN FACILITATING ECONOMIC ACTIVITY. MAINTAING A SAFE,
CREDIBLE, HIGH QUALITY AND DURABLE CURRENCY ARE IMPORTANT FEATURES THAT OUR CENTRAL BANK PLAYS. THIS IS MORE SO IN A
COUNTRY LIKE OURS WHERE THE BULK OF OUR POPULATION STILL USES CASH AS THEIR FORM OF PAYMENT, OUR TROPICAL CLIMATE
IMPACTS ON THE QUALITY AND THE WEAR AND TEAR OF FREQUENT PUBLIC USE DETERIORATES THEIR CONDITIONS. I THEREFORE COMMEND
THE BANK OF PAPUA NEW GUINEA FOR IMPROVEMENTS DONE TO EACH OF OUR BANKNOTES AND COINS SINCE 1975.

THE GOVERNMENT ALSO HAS AN INTEREST IN THE QUALITY OF OUR CURRENCY AS OUR PEOPLE MUST BE ABLE TO PARTICIPATE IN
ECONOMIC ACTIVITY TO IMPROVE THEIRS LIVES. THE REFORMS UNDERTAKEN SO FAR BY THE GOVERNMENT HAS RESULTED IN STABLE
MACROECONOMIC CONDITIONS AND IMPROVED CONFIDENCE IN THE ECONOMIC MANAGEMENT OF THE COUNTRY. OUR CHALLENGE NOW IS
TO ENSURE THESE MACROECONOMIC GAINS ARE TRANSMITTING DOWN TO THE MAJORITY OF OUR PEOPLE. I AM THEREFORE PLEASED WITH
THE CENTRAL BANK’S CONTINUED EFFORTS IN IMPROVING THE QUALITY OF OUR CURRENCY.

IT IS IMPORTANT THAT THE PUBLIC HAVE ACCESS TO CURRENCY AS AND WHEN THEY ARE NEEDED, THAT ARE COST EFFECTIVE TO
PRODUCE AND ARE ALSO SECURE, EFFICIENT AND CONVENIENT FOR THE PUBLIC TO USE. I COMMEND THE CENTRAL BANK OF THE NEW
CURRENCY DISTRIBUTION CENTRE IN KOKOPO WHICH NOW COMPLETES A CENTRE FOR ALL OUR FOUR REGIONS.

I NOTE THAT THE CENTRAL BANK IS LOOKING INTO IMPROVING THE PAYMENT SYSTEM OF THE COUNTRY. DOING BUSINESS IN PAPUA NEW
GUINEA CAN BE COSTLY, EVEN INEFFICIENT, ESPECIALLY IN THE OUTLYING REGIONS AND RURAL AREAS, BECAUSE OF THE TYPE OF
INFRASTRUCTURE AND TECHNOLOGY WE HAVE. OUR PUBLIC UTILITIES (TELECOMMUNICATIONS, ELECTRICITY, ETC) HAS IMPACTED ON THE
QUALITY OF OUR PAYMENTS SYSTEM. IF BENEFITS ARE TO FLOW TO THE RURAL PEOPLE, WE NEED TO ADDRESS THESE AREAS OF
CONCERN AND IMPROVE OUR PAYMENT SYSTEM.

LADIES AND GENTLEMEN, AS MENTIONED BY THE GOVERNOR, THE INTRODUCTION OF THE NEW K5 AND K10 POLYMER BANKNOTES
COMPLETES THE FAMILY OF OUR POLYMER BANKNOTES. HE HAS ALSO MENTIONED THE REASONS FOR THE CONVERSION AND USE OF
POLYMER BANKNOTES. WITH THIS STEP, WE HAVE BECOME THE FIRST COUNTRY IN THE PACIFIC REGION APART FROM AUSTRALIA TO HAVE
ALL OUR BANKNOTES IN POLYMER SUBSTRATE. STANDARDISING THE DESIGN OF OUR BANKNOTES AND HAVING THEM IN ONE TYPE OF
SUBSTRATE ENSURES SOME CONFORMITY AND INTEGRITY TO OUR CURRENCY.

TO END, LET ME ALSO JOIN IN THANKING THE NOTE PRINTING AUTHORITY OF AUSTRALIA FOR THEIR CONTINUOUS SUPPORT AND COMMITMENT IN SUPPLYING PAPUA NEW GUINEA WITH HIGH QUALITY AND SECURE BANKNOTES. THANK YOU FOR A JOB WELL DONE. LADIES AND GENTLEMEN, IT IS NOW MY HONOUR AND PRIVILEGE TO OFFICIALLY LAUNCH THE NEW K5 AND K10 BANKNOTES. THANK YOU.