New currency on markets
(H.Z. Press Assn —Copyright! PORT MORESBY, Jan 2. Papua New Guinea’s independent currency, the kina, today officially ventured on its own into world monetary circles. The Bank of Papua New Guinea issued its first quotations for the kina against the Australian dollar, the United States dollar, and the Japanese yen. The buying rates for one kina are: 1.0025 Australian dollars, 1.2606 United States dollars, and 386.61 yen, while the selling rate against those currencies are 0.9976 Australian dollars, 1.2536 United States dollars, and 379.91 yen. Until yesterday, the kina w-as officially tied to the Australian dollar on a one-for-one basis during a dualcurrency period which began when the kina was first introduced in April of last year. At the end of the period, Australian currency ceased to be legal tender in Papua New Guinea, after having circulated there for nearly 70 years.
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Bibliographic details
Press, Volume CXVI, Issue 34041, 3 January 1976, Page 15
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146New currency on markets Press, Volume CXVI, Issue 34041, 3 January 1976, Page 15
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