What is kina?

Kina is the currency of Papua New Guinea. It was introduced in 1975, replacing the Australian pound. The currency is abbreviated as PGK and is divided into 100 toea. The kina is issued by the Bank of Papua New Guinea and is used as the official currency in the country.

The kina comes in both coins and banknotes, with the coins denominated in 5, 10, 20, and 50 toea, as well as 1 and 2 kina. The banknotes come in denominations of 2, 5, 10, 20, 50, and 100 kina.

The exchange rate of the kina can fluctuate based on various economic factors, and it is primarily used for domestic transactions within Papua New Guinea. The currency has faced challenges in the past due to its vulnerability to external shocks and changes in global commodity prices, as Papua New Guinea's economy is heavily reliant on resource exports such as oil, gas, and minerals.