Monetary Instances

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The arrival of colonisers marked a turning point in the country’s financial history, resulting in the introduction of up to date currencies on 19 April 1975. “These up to date currencies served as each economic instruments and national emblems of our independence and unity as a nation,” Genia famous. She supplied insights into the cultural significance of the Kina and Toea, explaining that the word “Kina” is found in each the Pidgin and Kuanua languages and describes the priceless pearl shell extensively traded in PNG’s Highlands and Coastal regions. Similarly, “Toea” refers to a priceless type of shell used in trade and traditional bride value ceremonies in the Motuan Coastal villages.

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Governor Genia additionally launched the Bank’s Vision 2050, launched in line with the anniversary celebrations. Shells, particularly the Kina and Toea, were not solely mediums of trade but in addition symbols of wealth, social standing, and cultural practices. “Deeply embedded in our traditions and cultural practices, shell cash also represented social standing, and it was used in marriages, deaths, and other significant ceremonies and events,” Genia explained.