Financial Times

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“These contemporary currencies served as both financial devices and national emblems of our independence and unity as a nation,” Genia noted. She offered insights into the cultural significance of the Kina and Toea, explaining that the word “Kina” is found in each the Pidgin and Kuanua languages and describes the priceless pearl shell extensively traded in PNG’s Highlands and Coastal areas. Similarly, “Toea” refers to a useful kind of shell used in commerce and conventional bride worth ceremonies within the Motuan Coastal villages. Governor Genia expressed the Bank’s ongoing commitment to maintaining trust and confidence in bodily currency, whilst international tendencies shift towards digital currencies and digital funds.

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She highlighted that the event is especially important because it precedes the fiftieth anniversary of both the country’s currency and the nation itself. Governor Genia also introduced the Bank’s Vision 2050, launched consistent with the anniversary celebrations. Shells, significantly the Kina and Toea, were not solely mediums of trade but in addition symbols of wealth, social status, and cultural practices. “Deeply embedded in our traditions and cultural practices, shell cash additionally represented social status, and it was used in marriages, deaths, and different important ceremonies and events,” Genia defined. The arrival of colonisers marked a turning point within the nation’s economic history, resulting in the introduction of up to date currencies on 19 April 1975.