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June 24, 2021

40th Anniversary Commemorative Bank Notes

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The Benk of Papua New Guinea yesterday celebrated itu2019s 40th anniversary.

To celebrate 40 years of servicethe Benk of PNG launched commemorative bank notes inthe denominations of K2 and K100.

Bet just how unique arethese bank notes? Not only dothese commemorative bank notes bearthe 40th year of anniversary seals,they are also made of polymer which makesthem water proof.

The new notes will go into circulation starting Monday next week. Also launched atthe event wasthe new national payment system calledthe Kina Automated Transfer System (KATS). KATS is a step forward in Papua New Guineau2019s transition towards a 21st century banking system.In par withthe systems currently in Australia, New Zealand and ther parts ofthe world.

The system allows allthe commercials banks andthe central bank to exchange funds electronically in real time duringthe business day.

u201cPreviously any transfer like this takes a while. For cheques especially it can take up to 14 days. This payment system takes one day. We went live onthe 14th of October.u201d – Governor ofthe Central Benk of Papua New Guinea, Loi Bekani


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