Good morning distinguished guests, ladies and gentlemen.
Let me begin by paying my respects to the traditional custodians of the land on which we gather today, the Motu and Koitabu people, and extend that respect to their Elders, past and present.
I respectfully acknowledge the Honourable Prime Minister James Marape.
The Minister for Foreign Affairs and 50th Anniversary Commemorations, the Honourable Justin Tkatchenko.
I also welcome the Australian High Commissioner to Papua New Guinea, His Excellency John Feakes.
Chief Secretary of the National Executive Ivan Pomaleu.
Members of the diplomatic corps.
Representatives of financial institutions.
and colleagues from both the public and private sectors.
I warmly welcome our longstanding partners from Note Printing Australia and the Royal Australian Mint, represented today by Mr Malcolm McDowell, CEO of Note Printing Australia, who will speak on behalf of both organisations.
Their collaboration has made today’s unveiling possible and has helped us tell a uniquely Papua New Guinean story through this commemorative currency series.
It is a great honour to join in commemorating two important national milestones – the 50th Anniversary of Papua New Guinea’s Independence and the 50th Anniversary of our national currency.
Today, we mark these events with the unveiling of two commemorative designs: a 50 Kina banknote and a 50 Toea coin, both of which will enter circulation in August ahead of Independence Day.
As we reflect on the significance of today’s occasion, it’s worth remembering that the creation of Papua New Guinea’s own currency was a foundational step in our journey to independence.
In the early 1970s, as our country prepared for self-government, our leaders recognised that true independence required more than political change; it demanded economic sovereignty.
One of the most powerful expressions of this was the decision to establish our own currency.
That vision was championed by the late Sir Julius Chan, then Minister for Finance.
He saw clearly that Papua New Guinea needed to take control of its own monetary system.
To have a currency not only issued here, but one that reflected our own identity, values, and traditions.
Supporting this national effort was Mr Henry ToRobert, our first Governor of the Bank of Papua New Guinea.
He led the transition with a calm and steady hand, building public trust in the new currency and ensuring that it would be introduced with the stability and professionalism expected of a sovereign central bank.
The names Kina and Toea were carefully chosen.
They were not imposed or borrowed. They came from us.
For generations, these shell currencies were trusted mediums of exchange in our communities.
The Kina, a prized pearl shell, symbolised wealth and status.
The Toea, a smaller shell denomination, was used in everyday transactions.
By naming our currency after these traditional forms of exchange, our leaders embedded our economic identity in the heart of Papua New Guinean culture.
When our currency was launched in 1975, it marked more than a change in systems.
It was a declaration of identity, of confidence, and of our right to determine our own course.
It gave us the tools to shape our economic future, to write our own financial story, and to anchor the spirit of nationhood into every note and every coin.
Today the Kina and Toea continue to serve as enduring icons of our independence.
Not only in our wallets and marketplaces, but in the very idea that we are the stewards of our own future.
Even as digital transactions and electronic banking become a growing part of our modern lives, physical currency remains a key symbol of financial health and inclusion.
It speaks to participation, trust, and access. These values remain fundamental to our monetary system.
Values that are reflected in this commemorative issue.
This year’s commemorative release marks an important chapter in our national story.
I encourage you all to visit the currency exhibition in the Exhibition Rooms, at the conclusion of today’s formal proceedings.
There you’ll see our nation’s history, told through our currency.
Curated from the BPNG archives, the display highlights the remarkable progress our nation has made in just 50 years.
And, importantly, it invites us to reflect on how each of us can contribute to Papua New Guinea’s continued success in the next 50 years of sovereignty.
It is my honour and pleasure, on behalf of the Bank of Papua New Guinea, to unveil the commemorative note and coin designs, and show them proudly to the nation.
May these commemorative designs stand not only as a gift to the people of Papua New Guinea, but as a lasting symbol of the strong financial legacy we are building together for future generations.
Ladies and Gentlemen, in closing, I extend my heartfelt thanks to all our partners and stakeholders, whose contributions have made today’s event possible.
Thank you.
ENDS