24/03/2020: COVID-19 Economic Impact
The COVID-19 pandemic had a significant impact on the Papua New Guinean economy and the value of the Kina, leading to economic challenges and policy interventions.
18/03/2020: COVID-19 pandemic impact
The Australian dollar experienced a sharp decline due to the global economic impact of the COVID-19 pandemic and uncertainty in financial markets.
19/11/2018: Launch of New Kina Notes and Coins
The Bank of Papua New Guinea launched a new series of Kina banknotes and coins, featuring enhanced security features and improved design.
13/10/2011: Record high exchange rate
The Australian dollar reached a record high exchange rate of above $1.10 against the US dollar, driven by strong commodity demand and high interest rates.
06/10/2008: Global Financial Crisis
The Australian dollar experienced a significant decline due to the impact of the global financial crisis, reaching a low point of around $0.60 against the US dollar.
30/06/1996: Introduction of the polymer banknotes
Australia introduced polymer banknotes, replacing the paper-based banknotes, enhancing their durability and security features.
08/05/1995: Introduction of Polymer Banknotes
Polymer banknotes were introduced in Papua New Guinea, replacing the traditional paper banknotes and providing increased durability.
28/07/1989: Kina Floats in Foreign Exchange Market
The Papua New Guinean Kina was allowed to float freely in the foreign exchange market, leading to fluctuations in its value.
08/03/1983: Floating of the Australian dollar
The Australian dollar was fully floated and allowed to fluctuate freely on the foreign exchange market, leading to increased volatility.
03/02/1976: First Kina Banknotes Issued
The Bank of Papua New Guinea issued the first series of Kina banknotes, featuring unique designs and local elements.
19/12/1975: Independence from Australia
Papua New Guinea gained independence, leading to the introduction of the Papua New Guinean Kina as its currency.
19/12/1975: Introduction of the Kina
The Papua New Guinean Kina was officially introduced as the national currency, replacing the Australian Dollar at a rate of 2 Kina to 1 Australian Dollar.
12/12/1971: End of the fixed exchange rate
Australia shifted from a fixed exchange rate to a flexible exchange rate, allowing market forces to determine the value of the Australian dollar.
13/02/1966: Decimalisation of the Australian currency
Australia adopted decimal currency, replacing the pound with the Australian dollar, symbol 'A$'.