As Papua New Guinea approaches 50 years of nationhood, Bank of Papua New Guinea today presented the new 50 kina commemorative banknote and 50 toea commemorative coin to the nation and its Prime Minister the Hon. James Marape MP.
With APEC Haus spectacularly adorned with cultural artefacts and historical currency displays, BPNG Governor Elizabeth Genia welcomed the PM and Foreign Minister the Hon. Justin Tkatchenko MP to the event. Note Printing Australia CEO Malcolm McDowell rounded out the VIP group, representing both NPA and the Royal Australian Mint who are producing the new banknote and coin respectively.
Attendees to the event included international diplomatic staff, financial and banking industry representatives, the business community and BPNG staff.
The Prime Minister delivered a compelling speech, exhorting the nation to work hard to produce goods and services for both the domestic and international market, thereby realising the full economic value of PNG's floating currency.
The PM also paid homage to Sir Julius Chan, the nation's first Treasurer who was highly influential in setting the country on a successful path to economic growth across the last 50 years. He specifically recognised Sir Julius with a short silence and then announced that the late PNG leader would be featured on a future 100 Kina banknote.
"Let me first thank the Governor of the central bank and her staff for delivering this special edition of currency…it is a fitting moment to reflect as we come face-to-face with 50 years of sovereignty," said the PM. "We also cannot forget that we have been a nation of people for many more than 50 years. Our ancestors were seafarers who introduced many innovations and lived in these islands for more than 10,000 years."
"Today, Papua New Guinea is the land bridge between the Pacific Island nations and ASEAN, which puts this country at the heart of the economic engine of the world."
In making her opening comments, Governor Genia said, "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."
The Governor also officially unveiled the commemorative currency with a launch video and the presentation of enlarged versions of the currency to enable a photo opportunity.
Proud Moment: The new Commemorative 50 Kina and 50 Toea currency is unveiled to the nation with (L-R) Foreign Minister Justin Tkatchenko, Prime Minister James Marape, Governor Elizabeth Genia and NPA CEO Malcolm McDowell.
In his comments, NPA CEO Malcolm McDowell presented a perspective that acknowledged the important ties that bind modern PNG and Australia, such as the use of polymer banknotes and PNG's pioneering role as the second nation in the world to issue a circulating polymer banknote family, and the historical cooperation of the Reserve Bank of Australia in working with the PNG government to establish the Bank of Papua New Guinea in 1973, which he described as a critical milestone to nationhood.
"Prime Minister, I'm looking forward to the next great initiative between our nations, the addition of a PNG team to NRL competition in 2028," quipped Mr. McDowell to a clearly delighted PM.
Long and Productive Relationship: NPA CEO Malcolm McDowell reflects on the more than 30 year relationship that NPA has shared with the Bank of Papua New Guinea.
The new Commemorative 50 kina banknote and 50 Toea coin will be issued on 28 August 2025.