By Quinton Alomp – EM TV News, Port Moresby
Governor of the Bank of Papua New Guinea (BPNG), Loi Bakani, said new bank notes with reduced sizes will soon be released to the public.
Mr Bakani said the size of the K100 will remain however, from K50 down to K2 will be reduced in sizes.
He said coin sizes will remain however few changes have been made to the designs engraved on the coins as commemoration of national events.
For example, the 50 toea coin was introduced in 1980 during the Festival of Arts, but in 1991 during the then South Pacific Games held in Port Moresby, the coin was engraved with the mascot’s design and the same change happened this year during the Pacific Games.
Same thing has happened with bank notes, but this time the size will be reduced.
Mr Bakani said the K100 will maintain its size and will be the tallest followed by K50, K20, K10, K5 and the K2 note will be the smallest.
The Bank Governor said they already start producing the money and the first K10 and K20 notes with reduced sizes were released during 2015 Pacific Games with the games logo.
Mr Bakani announced this during the launching of the commemorative coin for University of Papua New Guinea’s Golden jubilee yesterday.
He also announced that cheque deposited in banks will now take only four days to be cleared.
“Under new strategies, cheques deposited in banks will be cleared in just four days. Instead of 14 days in the past, it will now take only four days for cheques to be cleared,” the BPNG boss said.
The banking system in the country has tightened up its strategies to minimise fraud and corrupt practices in the system.