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.
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.
18/05/2005: Removal of Ten Hong Kong Dollars Note
The Hong Kong Monetary Authority announced the removal of the HKD 10 paper note from circulation, encouraging the usage of electronic payment methods and reducing printing costs.
01/07/1997: Hong Kong's Handover to China
Hong Kong was officially handed over to China, marking the end of British colonial rule but maintaining the Hong Kong Dollar as its currency under the 'one country, two systems' principle.
08/05/1995: Introduction of Polymer Banknotes
Polymer banknotes were introduced in Papua New Guinea, replacing the traditional paper banknotes and providing increased durability.
17/10/1991: Linked Exchange Rate System
The Linked Exchange Rate System (LERS) was implemented, establishing a narrow trading range of HKD 7.75 to 7.85 against the U.S. Dollar, backed by stringent measures to maintain stability.
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.
31/12/1983: Joint Declaration on the Future of Hong Kong
The Sino-British Joint Declaration was signed, affirming Hong Kong's return to China in 1997 and ensuring the continuity of the Hong Kong Dollar as its official currency.
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.
22/05/1972: Pegging to the U.S. Dollar
As the British Pound faced pressures in the foreign exchange market, Hong Kong decided to switch the peg to the U.S. Dollar at a rate of HKD 5.65 to USD 1.
12/09/1935: Pegging to the Sterling
The Hong Kong Dollar was pegged to the British Pound (Sterling) at a fixed exchange rate of HKD 16 to GBP 1, which helped stabilize the currency.
01/01/1863: Introduction of the Hong Kong Dollar
The Hong Kong Dollar was first introduced as an official currency by the British colonial government to facilitate trade and commerce in Hong Kong.